Banco Santander in Australia has selected the Wolters Kluwer Financial Services OneSumX solution for its regulatory reporting.
The mandate comes as a response to increasing reporting requirements from the Australian Prudential Regulation Authority (APRA), and the corresponding need to automatically generate external reports to ensure quick and accurate reporting.
OneSumX was reportedly selected based on its ability to hold data from various sources while retaining transparency, auditability and control of numbers.
Simon Barker, financial controller at Banco Santander in Sydney, said: “The scalable solution and global capabilities of Wolters Kluwer Financial Services combined with a supporting team on the ground in Australia, were some of the most important reasons why we chose to opt for the solution.”
The OneSumX financial data architecture is designed to allow data consolidation for the bank, while an additional tool for automated reporting will help with compliance for APRA’s foreign Authorised Deposit-taking Institution (ADI) reports.
At the same time, the Wolters Kluwer Financial Services Regulatory Update Service (RUS), which comes as part of the regulatory reporting package, will monitor regulatory change and encourage compliance with the latest regulatory standards as they develop.
Chris Puype, managing director of Asia Pacific at Wolters Kluwer Financial Services, said: “We are delighted that this leading bank with a global footprint has chosen our solution.”
He added: “Wolters Kluwer is deeply committed to the Australian market and our ability to maintain full support for APRA regulatory reporting is a key factor for ADIs looking for a complete regulatory reporting solution.”
