BNG Bank in regtech project with BearingPoint
BNG Bank goes Mondrian (and implements new regtech)
BNG Bank, a public sector bank in the Netherlands, is implementing BearingPoint’s Abacus regtech solution for MiFID II/MiFIR, EMIR II, MMSR and SFTR reporting.
The solution is provided on a hosted basis – BearingPoint describes it as a Regulatory-as-a-Service (RaaS) offering.
It will support BNG Bank’s new daily reports under the revised Markets in Financial Instrument Directive (MiFID II) and the accompanying Markets in Financial Instruments Regulation (MiFIR), which come into effect in January 2018.
It will generate reports under the ECB regulation concerning Money Markets Statistical Reporting (MMSR) and the revised European Market Infrastructure Regulation (EMIR II), replacing the existing MMSR and EMIR II reporting modules at BNG Bank in the future.
Abacus will also be used for Securities Financing Transactions Regulation (SFTR) reporting.
“We opted for Abacus as we could minimise the IT development and deployment effort with a RaaS set-up, yet use a standardised reporting solution,” explains Martin Kuijper, head of IT at BNG Bank.
“Functional benefits were important in our decision,” he adds. “For example, the module relevance check allows us to build a single interface for our source systems and report across multiple transaction based reporting regimes using such single interface.”
BNG Bank is the fourth largest bank in the Netherlands, with a balance sheet of €150 billion. It supports government policies by providing financing to municipalities, housing associations, healthcare and educational institutions and other public sector entities.
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