Banca Monte Paschi Belgio Implements Wolters Kluwer Financial Services’ OneSumX Regulatory Reporting Solution
Posted: 8 June 2015 | Source: Wolters Kluwer
Wolters Kluwer Financial Services, the regulatory and risk technology firm, announced today that it has successfully implemented its OneSumX Regulatory Reporting solution at Banca Monte Paschi Belgio (BMPB), the Belgium branch of Banca Monte dei Paschi di Siena. The Wolters Kluwer Financial Services solution enables the bank to automatically submit regulatory reports, including Common Reporting templates via XBRL, accurately and on time to the National Bank of Belgium and the European Banking Authority. The news follows last week’s announcement that Ireland’s permanent tsb has also chosen OneSumX Regulatory Reporting.
OneSumX Regulatory Reporting, part of OneSumX for Compliance, uses a single source of data to help ensure consistency, reconciliation and accuracy. BMPB selected this solution for CRD IV, the European Commission’s framework for the international standards on bank capital requirements known as Basel III, combined with the Regulatory Update Service, after the previous successful implementation of its solution to meet Basel II reporting requirements.
“With the Wolters Kluwer Financial Services solution, we are now successfully producing automated reports for the local regulator and the EBA in the form of COREP, with the required accuracy and timeliness, fulfilling the regulatory reporting requirements of CRD IV.” said Philippe Willocq, responsible for the accounting department at Banca Monte Paschi Belgio. “Throughout implementation, Wolters Kluwer Financial Services’ experts and consultants demonstrated a thorough knowledge of regulatory reporting requirements and technical expertise of the solution, providing us with a streamlined reporting process for statutory and prudential returns.”
“Through our extensive regulatory reporting experience spanning more than two decades, which includes a strong record of COREP implementation across many firms in Europe, we were able to seamlessly implement our automated reporting solution for BMPB, helping them address a key part of CRD IV,” said Richard Bennett, vice president of market management, Regulatory Reporting, EMEA, at Wolters Kluwer Financial Services. “Successful implementation was born out of strong collaboration between our team of experts and consultants and BMPB, resulting in a reporting system which is tailored to the business needs of the firm, adapts automatically in line with regulatory changes, and reconciles data from back office systems.”
Through Wolters Kluwer Financial Services’ Regulatory Update Service offering, part of the Regulatory Reporting solution, BMPB will have access to up to date information on regulatory requirements to help ensure ongoing compliance with regulatory developments when they happen. The Regulatory Update Service is unique to Wolters Kluwer Financial Services and is maintained by experts who actively monitor regulation in over 50 countries around the world, ensuring the solution is up-to-date at all times.
Wolters Kluwer Financial Services’ OneSumX Regulatory Reporting solution has been recognized as a leading tool for banks by Chartis Research in its 2015 RiskTech 100 survey - a position it has held for four consecutive years.