AxiomSL strategic platform has been selected by CNH Industrial Financial Services to implement AnaCredit and local statistical reporting in Belgium, known as Schema-A.
Schema-A is the National Bank of Belgium’s (NABs) traditional aggregated statistical reporting regime that has been in place for several years.
AxiomSL will enable CNH Industrial Financial Services to automate their reporting process, from data sourcing to submission of the reports to the National Bank of Belgium (NBB).
AxiomSL’s platform and business dashboards allow users to process, monitor and validate their reports and ensure they have submitted accurately to the regulators.
The solution also enables users to drill down from the final reports to source data and delivers transparency into their reporting process.
According to AxiomSL, CNH Industrial Financial Services chose its platform because it will ensure that the client can manage many types of reporting complexity, both granular and aggregated, while meeting the fast approaching reporting deadline for AnaCredit in September 2018.
AnaCredit is a European Central Bank (ECB) initiative which requires financial institutions to report granular loan-level data.
Pierre-Thomas Joire, chief accounting officer at CNH Industrial Financial Services, commented: “AnaCredit and local statistical reporting requirements fuelled the need for us to incorporate technology into our compliance programme to improve efficiency.”
He added: “AxiomSL’s integrated solution and smooth and lean data model will enable us to deal confidently with increasing regulatory requirements. We look forward to working with the team at AxiomSL.”
Ed Royan, CEO of AxiomSL Europe, the Middle East and Africa, said: “We are pleased that CNH Industrial Financial Services has selected AxiomSL for AnaCredit and local statistical reporting. Regulators across the world require more granular, frequent and better quality data.”
He added: “Firms are under immense pressure to satisfy these demands whilst carrying out their business-as-usual activities. AxiomSL’s multi-award winning strategic platform delivers cross-jurisdictional regulatory reporting and risk management solutions and greatly reduces the compliance burden on clients with automation, data governance and end-to-end data management capabilities. We look forward to a long-term partnership with CNH Industrial Financial Services.”
