China Everbright Bank selects Wolters Kluwer’s OneSumX for Regulatory Reporting
Posted: 8 November 2017 | Source: Wolters Kluwer Financial Services
China Everbright Bank (CEB) has chosen Wolters Kluwer’s OneSumX Regulatory Reporting to provide its regulatory reporting software for its operations in Luxembourg.
OneSumX Regulatory Reporting uses a single source of data to ensure consistency, reconciliation and accuracy and includes the firm’s Regulatory Update Service. This unique service is maintained by Wolters Kluwer experts who actively monitor regulation in approximately 50 countries, helping to ensure the solution is current at all times.
CEB (Europe) S.A., a wholly owned Luxembourg-based subsidiary of the bank, was granted a license by the European Central Bank and started operations in July 2017. CEB was established in August 1992 and is headquartered in Beijing, as a national joint-stock commercial bank approved by the State Council of China and the People’s Bank of China. The bank was listed on the Shanghai Stock Exchange in August 2010 and the Hong Kong Stock Exchange in December 2013.
In the past few months leading financial services firms from across the world have implemented the OneSumX solution for Regulatory Reporting, Risk and Finance (including IFRS 9 solutions). Major financial services providers that have recently announced their use of Wolters Kluwer include LGT, Nordea, BBVA, CIBC, Australia’s Queensland Treasury Corporation and The Swedish Export Credit Corporation.
Wolters Kluwer has received a number of recent awards, providing independent verification of its leading market position in integrated regulatory reporting. Chartis Research, for example, recently named Wolters Kluwer a Category Leader for IFRS 9 solutions, for the second year running, as well as a Category Leader in its Markets in Financial Instruments Directive II (MiFID II) Report. Wolters Kluwer has won a number of other accolades for its dominant position in regulatory reporting from the likes of Wealth & Finance International, FinTech Finance, Data Management Review and Corporate Vision magazine. Wolters Kluwer’s OneSumX for Risk was also named Best Risk Management System by Banking Technology magazine at the end of 2016.