Standard Chartered Bank (SCB) extends use of AxiomSL’s strategic platform
Posted: 2 November 2017 | Source: AxiomSL
AxiomSL, the leading provider of regulatory reporting and risk management solutions, today announces that Standard Chartered Bank (SCB) has chosen to extend deployment of AxiomSL’s strategic platform for its AnaCredit and German statistical reporting to Deutsche Bundesbank (BBK).
SCB initially selected AxiomSL’s regulatory platform in APAC region in 2013 and subsequently extended its usage across EMEA with Bank of England reporting in 2015, as part of their global agreement. Shortly after, SCB signed AxiomSL as its strategic partner for AnaCredit and BBK reporting requirements in Germany, with strategic management decision to leverage AxiomSL’s existing single platform.
It was essential that SCB was ready to comply with AnaCredit requirements well in advance of the implementation deadline in order to have enough testing time and they already completed a successful submission of the reporting. SCB decided to extend its agreement with AxiomSL due to its ‘one platform’ approach, which allows the same system to be utilised for all regional and global reporting requirements, quick time to market and reduced total cost of ownership capabilities. AxiomSL’s strategic platform leverages SCB’s existing data structure to quickly and accurately aggregate the required data from different lines of business. Once signed off, the relevant report is submitted to the Bundesbank in the required format, including XML and XBRL.
Fei Altenvoerde, CFO of Standard Chartered Bank, commented: “We chose to extend our usage of AxiomSL’s platform because it succeeded to reduce the overall complexity of regulatory reporting compliance for us globally, in a timely and cost effective manner. The automation of the entire reporting process means the platform can load, process and submit large volumes of data required for our AnaCredit and BBK reporting, including submission to the Bundesbank, within tight deadlines. We look forward to continuing to work with the team at AxiomSL”.
Ed Royan, Chief Operating Officer, EMEA, AxiomSL, commented “We are pleased that Standard Chartered Bank has decided to extend its use of our platform to comply with AnaCredit and German statistical reporting requirements to BBK. Firms now need to assess their regulatory reporting compliance strategically, in order to meet changing regulatory deadlines with ease and confidence. We are proud to offer a single platform that can be used to comply with multiple reporting requirements globally, as in the example of SCB, whilst reducing the total cost of ownership and increasing operational efficiency.”