BMCE Bank International has gone live with the AxiomSL regulatory platform for automating regulatory calculations and reporting in the UK.
A UK-based subsidiary of the Moroccan BMCE Group, BMCE Bank International will use the platform to comply with its Bank of England statistical reporting requirements, as well as for common reporting and for various calculation requirements under the Capital Requirements Directive (CRD) IV.
The regulatory reporting platform is designed to produce accurate and automated regulatory reports, while containing the costs of compliance.
AxionSL will also provide calculations and report templates, supplying updates versions when regulators make amendments. As these updates are separate to software releases, they can be implemented more quickly.
The provider also attributed the mandate to the platform’s quick time-to-market, and its flexibility, given that it doesn’t require any specific data model.
“We are pleased to be working with the recognised leader in the regulatory calculation and reporting space,” said Mohammed Afrine, CEO of BMCE International.
“AxiomSL’s platform provides all of the functionality we require, from data aggregation and normalisation to report creation and submission.”
Ed Royan, AxiomSL’s COO for Europe, the Middle East and Africa, said: “We have built up an unrivalled knowledge of regulatory calculation and reporting requirements over the years while supporting financial firms of all types and sizes.”
He added: “It is clear that many firms are looking for new solutions to manage BOE and CRD IV regulations. We are looking forward to working with more clients on these topics in the coming months.”
This mandate comes shortly after the Union Bank of India (UK) selected the AxiomSL XBRL solution to support its regulatory reporting requirements in the UK, relating specifically to the Liquidity Coverage Ratio and Additional Liquidity Monitoring Metrics components of the CRD IV.
