AxiomSL’s regulatory platform has gone live on a major America bank’s system within its UK, Ireland and Netherlands offices.
The bank selected AxiomSL’s platform to deliver a roll-out of the local Common Reporting Framework (COREP), Financial Reporting Framework (FINREP), local central bank and AnaCredit reporting.
The implementation started with capital calculations and COREP and focused on the bank’s subsidiaries in the UK and Ireland which was delivered to plan.
This was followed by FINREP and local central bank reporting in the UK and Ireland as well as their branch in the Netherlands.
AnaCredit was added to the project after it started, and included their German branch. These projects will be followed by a roll out of local reporting in further six countries.
Acccording to AxiomSL, the implementation was successful because AxiomSL offers a single platform that can be used for all regulatory calculations and reporting requirements.
The platform provides native extensible business reporting language functionality (also known as XBRL) and supports cross jurisdictional regulatory obligations.
Abhishek Awasthi, product manager at AxiomSL for Europe, the Middle East and Africa, commented: “In a constantly-evolving regulatory environment, global banks are seeing a greater need for integrated solutions to tackle the complex compliance demands.”
He added: “AxiomSL’s robust multi-jurisdictional strategic platform addresses regulatory requirements on a local, regional and global level. We are proud to empower our clients to successfully go-live in a timely, efficient and cost-effective manner, yielding tremendous resource savings that can be allocated to core business activities.”
