Regtech warrior BearingPoint storms Citadele Bank Lithuania
Citadele Bank Lithuania has chosen BearingPoint’s regtech platform Abacus – giving the firm its debut in the Baltic country.
According to BearingPoint, the bank selected Abacus360 Banking to meet the European Central Bank’s (ECB) growing requirements on AnaCredit (analytical credit datasets) reporting.
As part of AnaCredit, roughly 100 data attributes are required to be reported. Local Lithuanian attributes are currently developed and integrated by BearingPoint to meet local AnaCredit requirements.
The bank was using a solution from a local vendor for regulatory reporting.
Justė Karaliūtė, head of regulatory reporting at Citadele Bank Lithuania, says “Abacus doesn’t just meet the needs of our bank’s organisation today” but it also “pushes further to anticipate future trends in regulation by integrating comprehensive functionality for reporting, risk calculations and controlling regulatory KPIs onto one single, scalable platform that can be tailored according to our local attributes”.
The project implementation is a joint project between BearingPoint and local company Alna Software.
The bank, aka Citadele bankas (Lithuania), is Latvia-based Citadele Bank’s subsidiary in the nation which provides banking, financial and capital management services.
Citadele bankas’ branch offices and customer service centres are located in the largest cities of Lithuania: Vilnius, Kaunas, Klaipėda, Panevėžys, Šiauliai and Alytus.