With Volkswagen Bank GmbH, another SSM bank has decided on BearingPoint’s software solution Abacus360 Banking Regulatory to fulfil its ECB reporting obligations.
Volkswagen Bank GmbH switches from an inhouse-developed regulatory reporting solution to the standard software package Abacus360 Banking Regulatory from BearingPoint, one of the leading providers of innovative RegTech and RiskTech solutions and services. BearingPoint not only delivers the software but also takes over all tasks and processes of the technical operation as well as the provision of the required infrastructure and comprehensive support services within the scope of managed services. In addition to using the standard software and application management, Volkswagen Bank GmbH has also decided to outsource the supply chain from Volkswagen Bank GmbH's own data warehouse to BearingPoint. The implementation will be carried out by a joint team of experts from Volkswagen Bank GmbH and BearingPoint.
Volkswagen Bank GmbH is a wholly owned subsidiary of Volkswagen AG and provides banking services for the Volkswagen Group in Europe. Volkswagen Bank GmbH is subject to direct supervision by the European Central Bank (ECB) under the Single Supervisory Mechanism (SSM).
Jürgen Lux, CEO RegTech at BearingPoint, comments: “We are delighted that Volkswagen Bank GmbH, another SSM Bank, has placed its trust in our full-service offering consisting of software and managed services. With managed services, we offer a comprehensive, modular and individually configurable range of services to support our customers in the increasing complexity of reporting not only with our software but also with the reporting process.”