Belgium based bpost bank has selected Wolters Kluwer to provide AnaCredit and regulatory reporting software for its operations in the country.
OneSumX Regulatory Reporting uses a single source of data to ensure consistency, reconciliation, and accuracy as well as the firm’s regulatory update service.
AnaCredit is the European Central Bank project to set up a dataset containing detailed information on individual bank loans in the euro area, harmonised across all Member States.
Additionally, Wolters Kluwer’s integrated, scalable OneSumX AnaCredit solution uses grid and in-memory computing to handle the large data volumes required by regulation.
This enables faster processing time and a more flexible operational environment for end users, according to Wolters Kluwer.
In-memory processing preserves data lineage at each functional stage, enabling more transparent reporting and full confidence in reporting process, leading to lower risk of mis-reporting.
Pierre-Aymar de Potter, CFO at bpost bank, said: “AnaCredit introduces a step-change in the amount of data that banks are required to report on and on such a frequent basis—daily in some cases.”
He added: “As a result we required an expert in the field to ensure we are comprehensively managing our AnaCredit and wider reporting obligations. Wolters Kluwer was the natural choice.”
Kris van Bavel, managing director, Europe Middle East and Asia, for Wolters Kluwer’s Finance, Risk and Reporting business, commented: “Wolters Kluwer is delighted to have been chosen by bpost bank to provide its AnaCredit and regulatory reporting software.”
He added: “We continue to add clients across Benelux and the rest of Europe and expect this trend to continue particularly due to AnaCredit.”
