Triodos Bank Selects ABACUS Regulatory As A Service For XBRL And DNB Supervisory Reporting
Posted: 22 June 2016 | Source: BearingPoint
Triodos Bank, Dutch market leader in sustainable banking, chooses ABACUS/DaVinci to provide a sustainable solution for Regulatory-as-a-Service (RaaS), including a rapid and low-risk implementation for XBRL reporting.
Management and technology consultancy BearingPoint, which ranks among the leading providers of regulatory technology (RegTech), announced that Triodos Bank, the market leader in the Netherlands for sustainable banking, selected their flagship product ABACUS/DaVinci as a Regulatory-as-a-Service solution (RaaS) covering Dutch, Belgium and European reporting requirements.
With ABACUS/DaVinci RaaS, Triodos Bank will replace an existing reporting solution operated on site, striving to streamline the regulatory reporting process and minimize the risk of non-availability and business continuity issues.
"We opted for ABACUS/DaVinci as BearingPoint rapidly built confidence with the Triodos Bank team as a trusted partner for Regulatory-as-a-Service. The widely used XBRL reporting layer was successfully demonstrated based on our current e-Line XML input data. We will benefit from the proven XBRL and other output validations. Furthermore, ABACUS/DaVinci provides scalability for our future supervisory reporting requirements, with a well-defined roadmap and regulatory maintenance by BearingPoint." - Alexander Wingelaar, Director Finance at Triodos Bank
"Triodos Bank is an important client for BearingPoint from two perspectives: it is another milestone of our international growth strategy with an important customer in the Netherlands; and it shows our competitive advantage by providing consulting, RegTech solutions and managed services from one source."- Maciej Piechocki, Partner at BearingPoint
"We are pleased that Triodos Bank benefits from a minimal workload with use of BearingPoint’s hosted Software-as-a-Service infrastructure. The proximity of BearingPoint to the regulatory authorities allows us to provide the Regulatory-as-a-Service so that Triodos Bank complies with the latest regulatory reporting requirements."- Evert Arbman, Director at BearingPoint Netherlands
ABACUS/DaVinci, part of BearingPoint’s proven Abacus Solution Suite, is a market-leading, off-the-shelf strategic risk aggregation and regulatory reporting platform, developed over 20 years alongside the introduction of Basel I to III. ABACUS/DaVinci covers the requirements of CRD IV / CRR I and EBA ITS on Reporting (CoRep, FinRep, etc.), but also statistical and granular reporting in multiple jurisdictions and enables financial institutions to comply with regulatory requirements in an efficient manner. Renowned financial institutions, representing more than 800 reporting entities, trust on ABACUS/DaVinci. These institutions make up a major part of the 120 most important European Banks under supervision of the SSM.