Permanent TSB and Italian bank adopt Wolters Kluwer reporting tools
Wolters Kluwer gains new clients for OneSumX
Irish bank Permanent TSB has chosen a regulatory reporting platform from Wolters Kluwer as part of its measures to cope with Basel III. Belgian bank Banca Monte Paschi Belgio, the Belgian branch of Italy’s Banca Monte dei Paschi di Siena, has also chosen the same OneSumX regulatory reporting solution.
The tool allows both banks to automatically submit regulatory reports, including common reporting templates via XBRL. In the case of Banca Monte Paschi Belgio, the reports will be sent to the National Bank of Belgium and the European Banking Authority. In the case of Permanent TSB, the reports will go to the Central Bank of Ireland. It will also be used to meet the Common Reporting and Financial Reporting requirements in CRD IV. The reporting service includes a regulatory update team, which monitors regulation in 50 countries to make sure that it stays up to date.
“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.
At the end of last month, Bank of Tokyo-Mitsubishi UFJ (Holland) also began using Wolters Kluwer’s OneSumX solution, to manage its credit and liquidity risk. The Netherlands subsidiary of the Japanese bank was already a client of Wolters Kluwer. It signed up to use OneSumX for its risk management/stress enginge as well as regulatory reporting. BTMU Holland will use the credit risk solution which looks at current and future exposures, expected and unexpected credit loss based on stress and credit value at risk analysis and credit value adjustments.
