Banque Palatine signs with AxiomSL for AnaCredit compliance
AxiomSL, a provider of regulatory reporting and risk management solutions, aims to meet the bank’s objective of automating the process of AnaCredit reporting and ensure submission in an efficient manner.
The European Central Bank (ECB) introduced the AnaCredit regulation to collect granular credit data on individual bank loans assigned by credit institutions to companies or legal entities in the eurozone.
Reporting agents faced several “significant” challenges ahead of their submission deadline for complete datasets in September 2018, including data granularity, reporting frequency and multi-jurisdictional requirements.
Banque Palatine selected AxiomSL’s platform hoping to tackle these challenges, benefit from quicker time to market and strong data management capabilities.
AxiomSL’s coverage can also support any future decisions to extend the agreement scope and lower the regulatory system total cost of ownership (TCO).
AxiomSL says it allows users to process and manage the large quantities of data that are required to comply with the regulation, meeting the threshold rules of each national central bank (NCB), as well as AnaCredit’s granular data requirements and submission structures.