Source: Wolters Kluwer
Bendigo and Adelaide Bank has chosen Wolters Kluwer’s OneSumX to provide its regulatory reporting solution for its operations in Australia.
The leading Australian bank will implement OneSumX Regulatory Reporting which uses a single source of data to ensure consistency, reconciliation and accuracy and includes the firm’s Regulatory Update Service. This unique service is maintained by Wolters Kluwer experts who actively monitor regulation in approximately 50 countries, helping to ensure the solution is current at all times.
Bendigo and Adelaide Bank will specifically use the Regulatory Reporting functionality for its Authorised Deposit-Taking Institution (ADI) in Australia obligations.
“Following a thorough evaluation of a range of solutions, Bendigo opted for the OneSumX solution offered by Wolters Kluwer,” commented Patricia Zeitz, Financial Controller for Bendigo and Adelaide Bank. “We are confident that Wolters Kluwer with its deep regulatory reporting experience and scalable OneSumX solution, will provide the Bank with the best possible solution to meet the changing needs of the regulator.”
David Rule, Australia and New Zealand Account Manager at Wolters Kluwer’s Finance, Risk & Reporting business, added: “As external reporting obligations to The Australian Prudential Regulation Authority continue to increase in complexity, the functionality to benchmark constantly changing regulations is a sensible choice for ADIs. OneSumX for Regulatory Reporting equips our clients with an award winning solution that addresses the increasingly complex and demanding regulatory environment, helping to ensure increased data granularity and transparent data lineage. We have added five ADIs, seeking to manage their obligations under the Economic and Financial Statistics (EFS) reform, to our client base and user group in the past two months. We look forward to helping more firms modernize their external reporting objectives.”