Raiffeisen Bank International has selected BearingPoint’s software solution to meet the MiFID II/MIFIR, EMIR II, MMSR and SFTR reporting requirements.
The Austrian bank said it has decided to use the company’s ABACUS/Transactions to fulfill several transaction-based reporting requirements. RBI will use the software to submit the daily reports according to the revised Markets in Financial Instruments Directive (MiFID II) and the accompanying Markets in Financial Instruments Regulation (MiFIR).
BearingPoint also offers the option to meet the reporting obligations under the ECB’s Money Market Statistical Reporting (MMSR), the revised European Market Infrastructure Regulation (EMIR) as well as the Securities Financing Transactions Regulation (SFTR) with ABACUS/Transactions.
“As an important player in the financial market, we need to meet the whole range of transaction-based reporting requirements. With ABACUS/Transactions, we have found a software which can be used for various reporting types. This is time-saving, cost-effective, and will make our work much easier in the future, since we have to prepare and deliver the data only once,” says Fariborz Nourani, head of division head office operations at RBI.
BearingPoint is an independent management and technology consultancy, operating in three units: consulting, solutions and ventures. It solutions provides the tools for successful digital transformation, regulatory technology and advanced analytics according to its website.
Through its Regulatory and Risk Technology (RegTech/RiskTech), the company enables financial institutions, regulators, and central banks to increase the efficiency of regulatory processes and data management and to comply rapidly with ever-changing requirements.
Its solutions also include Abacus360 Banking, an integrated platform for 360° reporting, risk calculation and controlling regulatory KPIs, ABACUS/Solvency II, which supports insurance companies in preparation of Solvency II (Pillar 3), and ABACUS/DaVinci, a strategic risk aggregation and regulatory reporting platform, among others.
With the regulatory challenge continuing to adapt and change, the financial services industry is turning to RegTech in order to find solutions. Earlier this year, a global investment bank announced plans to deploy the NICE COMPASS Communication Compliance Assurance solution in a bid to meet MiFID II and other regulatory requirements.
Percentile also recently partnered with global investment bank Jefferies & Company. The bank said it has live with Percentile’s RiskMine Cube software, an aggregation and reporting layer that allows every risk exposure within a firm to be made available via multidimensional cubes.
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