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Revolut selects Bearingpoint Regtech to manage regulatory requirements

Source: Revolut

BearingPoint RegTech, a leading international provider of innovative regulatory and risk technology solutions (RegTech and RiskTech), welcomes the UK-based financial technology company Revolut as a new customer for its Abacus360 Banking solution. Revolut will be using Abacus360 Banking for EBA and AnaCredit reporting.

Revolut recently received a European banking license from the Bank of Lithuania, which grants the company access to the European market post-Brexit, and BearingPoint RegTech is now accompanying the fintech as it expands internationally.

"The increasing complexity of regulatory reporting coupled with high cost pressure poses major challenges for reporting institutions. We are delighted to support Revolut in meeting these challenges with our comprehensive Managed Services offering," comments Jürgen Lux, CEO of BearingPoint RegTech.

"As we begin to embark on our journey towards becoming a global bank, we are proud to be working with BearingPoint as part of this important process," says Nik Storonsky, founder & CEO of Revolut.

The innovative fintech started out offering a prepaid card, allowing customers to spend and transfer money globally at the interbank exchange rate. Now the company offers banking services such as current accounts, loans and overdraft facilities. Since the company launched in 2015, it has signed up over six million customers across the UK and Europe.

Abacus360 Banking Regulatory is a standard software for national and international prudential reporting, statistical reporting as well as granular reporting (AnaCredit) and ad-hoc reporting. Renowned financial institutions representing more than 1,000 reporting entities use Abacus Banking Regulatory, among them a major part of the most important European banks under direct SSM supervision, insurers, and financial service providers.

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