BNG Bank turns to BearingPoint for RegTech
Management and technology consultancy BearingPoint, which ranks among the leading providers of regulatory and risk technology (RegTech/RiskTech), announced that BNG Bank has selected its flagship product ABACUS/Transactions as a Regulatory-as-a-Service (RaaS) solution to fulfill several types of transaction-based reporting obligations without needing to have multiple data deliveries.
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With BearingPoint’s solution, BNG Bank will meet its new daily reporting requirements under MiFID II/MiFIR, the revised Markets in Financial Instrument Directive (MiFID II) and the accompanying Markets in Financial Instruments Regulation (MiFIR), which take effect in January 2018. ABACUS/Transactions will also render 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. The product will also be used for SFTR (Securities Financing Transactions Regulation) reporting. Implementing standardized reporting software will help BNG Bank to achieve rapid deployment and reduce risks associated with the implementation of a stand-alone solution.
"We opted for ABACUS/Transactions as we could minimize the IT development and deployment effort with a Regulatory-as-a Service set-up, yet use a standardized reporting solution. Functional benefits were important in our decision for ABACUS/Transactions. 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." Martin Kuijper, Head of IT at BNG Bank
"We are very proud that BNG Bank decided on BearingPoint’s ABACUS/Transactions solution. It is the first systemically important bank we welcome as our customer in the Netherlands, which marks another significant milestone in our international growth strategy." Dr. Maciej Piechocki, Partner at BearingPoint
"We are pleased that BNG Bank will benefit from having chosen a standardized reporting solution for transaction reporting, which provides scalability beyond MiFID II/MiFIR with coverage for SFTR, EMIR II and MMSR. ABACUS/Transactions will reduce the compliance risk for reports to be submitted to the Dutch Authority for the Financial Markets and enhance the consistency of data reported." Evert Arbman, Director Solutions at BearingPoint Netherlands