After intensive selection procedures, the Raiffeisen Banking Group (RBG) opted for the International Reporting Engine i:Reg by Software Daten Service as a central tool for meeting reporting requirements regarding the Automatic Exchange of Information (AEOI) for the entire group.
As RBG decided to use the same solution across the group, the latest SDS product will not only be rolled out in the entire Raiffeisen sector in Austria, the Raiffeisen Zentralbank (RZB), the 8 regional banks and the 494 local banks but also in 15 other countries, mainly in Eastern Europe.
The first reporting procedures to be implemented will be the QI regime and the FATCA requirements that have to be met as of 2015. This will be followed by the expected extensions of the EUSD and requirements resulting from G8 and G20 agreements. RBG will use i.Reg as a group-wide solution with which reporting processes concerning QI, FATCA and other requirements can be bundled in centralised service hubs and across borders.
"A major deciding factor was that SDS' software i:Reg already covers most parts necessary for QI and FATCA reporting. This enables us to use the same uniform reporting solution across the entire group. Additionally, the similar requirements of the Automatic Data Exchange of the European Savings Directive can be implemented cost-efficiently", says Josef El-Awadi, FATCA program manager of Raiffeisen Bank International AG (RBI).
"The increasing reporting requirements strain resources and IT budgets of financial service providers, especially international ones. We are therefore delighted that Raiffeisen Bank International and the entire Austrian Raiffeisen Banking Group trust in SDS' expertise and have identified i:Reg as the optimal solution for the upcoming challenges", states Alexander Birkl, Head of Solution Sales SDS.
i:Reg is a cost-efficient, reliable and future proof solution to meet the new reporting requirements and the high standards of the group. It also optimally utilises synergies of multinational banking groups.