OneSumX will be used for operations in Luxembourg

OneSumX will be used for operations in Luxembourg

China Everbright Bank (CEB) has chosen Wolters Kluwer’s OneSumX regulatory reporting software for its operations in Luxembourg.

According to Wolters Kluwer, OneSumX uses a single source of data to ensure consistency, reconciliation and accuracy and includes the firm’s regulatory update service.

This service is maintained by its staff who monitor regulation in approximately 50 countries, “helping to ensure the solution is current at all times”.

CEB (Europe), a wholly owned Luxembourg-based subsidiary of the bank, was granted a licence by the European Central Bank and started operations in July 2017. Its parent, CEB, was established in August 1992 and is headquartered in Beijing.

Other banks that have signed up to use OneSumX over the last year include Nordea Bank Russia (NBR), BBVA’s subsidiary in the UK, CIBC and Equitable Bank in Canada, ABLV Bank in Latvia, Sberbank in Russia and Bank of Jordan in the Middle East.