Bank of China has decided to extend its use of AxiomSL’s strategic platform to meet AnaCredit reporting requirements in France. AxiomSL will support the bank’s objective to automate the complex process of AnaCredit reporting and ensure submission in a timely and efficient manner. The decision enables the bank to avoid the increased infrastructure costs often associated with the introduction of a new regulatory requirement.
Bank of China began using the platform in Singapore to meet Monetary Authority of Singapore (MAS) 649 liquidity reporting requirements in 2015 and now further extends this relationship to include AnaCredit reporting in France.
AxiomSL’s scalable platform and business dashboards allow users to quickly process, monitor and adjust large quantities of data that are required to comply with the AnaCredit regulation, providing end to end data management, a single source of submission and quick time to market. The solution is able to leverage Bank of China’s existing data structure to rapidly and accurately aggregate the requisite AnaCredit data from multiple systems. This data is then mapped onto the European Central Bank’s (ECB) data structure and used to populate the mandatory report templates. The solution then applies the regulatory validation rules.
Jérôme Dion, Head of Risk and Financial Management, Bank of China Paris commented: “We chose to extend our usage of AxiomSL’s platform because it proved to lower the overall cost and complexity of regulatory reporting for our firm. We have received positive feedback with the outcome of utilising the platform for regulatory reporting in Singapore, so the decision to use it for AnaCredit compliance in France came naturally. The platform’s ability to facilitate multi-jurisdictional reporting on a global level will also allow us to tackle any additional regulatory reporting requirements confidently. We look forward to continuing to work with the team at AxiomSL.”
Ed Royan, CEO, AxiomSL EMEA commented: “We are delighted that Bank of China has decided to extend its use of our platform to comply with AnaCredit requirements in France. Navigating the maze of regulatory requirements is an enormous challenge for financial institutions and our strategic end-to-end offering significantly eases the regulatory burden for firms. Our commitment to delivering regional and global solutions for our clients enables them to efficiently meet granular, frequent and complex reporting requirements across multiple jurisdictions through a single platform, whilst generating significant cost savings and improved operational efficiency. We look forward to continuing our successful partnership with Bank of China.”