bpost bank turns to Wolters Kluwer for regtech
“OneSumX Regulatory Reporting uses a single source of data to ensure consistency, reconciliation and accuracy and includes the firm’s Regulatory Update Service,” the vendor states. “This unique service is maintained by Wolters Kluwer experts who actively monitor regulation in approximately 30 countries.”
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.
OneSumX AnaCredit uses grid and in-memory computing to handle the large data volumes required by the extensive regulation, Wolters Kluwer explains, which enables faster processing time and a more flexible operational environment for end users.
“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,” comments Pierre-Aymar de Potter, CFO at bpost bank. “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.”
The solution will be interfaced to bpost’s core banking system at the back office, Sopra Banking Platform, provided by Sopra Banking Software. The bank also uses SAP’s Bank Analyzer for risk management, FinTech Futures understands.
bpost was set up in 1995 under the name of Bank van De Post/Banque de La Poste, and rebranded to bpost in 2010. It is owned 50/50 by bpost and BNP Paribas Fortis.
It focuses on the Belgian retail banking market and has over 600,000 customers today.