State Bank of India (SBI) Paris is the latest institution to sign up for Wolters Kluwer Financial Services’ Regulatory Reporting services.
The French branch of India’s largest commercial bank will now use the OneSumX Regulatory Reporting solution to ensure regulatory compliance for its activities in the country.
OneSumX Regulatory Reporting uses a single source of data to help ensure consistency, reconciliation and accuracy. The regulatory reporting solution allows banks and other financial services firms to reconcile reporting requirements needed to help ensure alignment between finance and risk reports, both for internal use and externally for regulators.
SBI Paris chose Wolters Kluwer Financial Services after a competitive selection process to replace its existing solutions to produce reports for bodies such as the French Prudential Supervisory Authority
(Autorité de contrôle prudentiel et de résolution - ACPR) and the European Banking Authority (EBA). SBI already uses Wolters Kluwer Financial Services for its regulatory reporting needs in other locations, including Belgium, South Africa and Singapore.
“State Bank of India already has experience of using Wolters Kluwer Financial Services for its regulatory reporting needs in multiple locations,” commented Mr. Subodh Kumar, CEO of SBI Paris. “And following the selection process in France it was apparent that OneSumX would be an excellent choice as an automated solution that can interface with our core banking platform, producing reports for the ACPR and EBA. Likewise, the bank will benefit from the audit trail functionalities offered through OneSumX.”
SBI Paris was also attracted to the OneSumX solution due to the Regulatory Update Service offering, providing access to up-to-date information on regulatory requirements to help ensure ongoing compliance with regulatory developments when they happen. The Regulatory Update Service is unique to Wolters Kluwer Financial Services and is maintained by experts who actively monitor regulation in approximately 50 countries, helping to ensure the solution is up-to-date at all times.
“We look forward to providing SBI Paris with our class leading regulatory reporting services,” said Kris Van Bavel, Vice President of Sales, EMEA, at Wolters Kluwer Financial Services. “The choice of our product once again demonstrates how major institutions continue to recognize our expertise, strengthening the reliability of the compliance process. Notably, by opting for OneSumX, SBI Paris is now able to optimize its regulatory reporting requirements and processes in a cost efficient way across multiple countries.”