Wolters Kluwer Financial Services announced today that Italy’s Banca Monte dei Paschi di Siena (BMPS) has signed up for its OneSumX Regulatory Reporting solution. The world’s oldest bank will now use the tool for multi-country regulatory reporting in its U.K., Hong Kong and Shanghai branches. Earlier this year the bank also implemented the solution for its Belgian operations.
OneSumX Regulatory Reporting uses a single source of data to help ensure consistency, reconciliation and accuracy. As regulatory policy initiatives continue to be presented in jurisdictions around the globe, the volume and complexity of reporting that firms need to complete is increasing. OneSumX Regulatory Reporting provides a full audit trail, enabling the timely and accurate submission of regulatory reporting data. It offers both user workflow management, that monitors and determines the process from start to finish, and data workflow management, that automates loading of data, execution of calculation processes and the preparation of reports.
“We are delighted to add BMPS as a customer for our solution for the U.K., Hong Kong and Shanghai, especially given our existing relationship with the bank in its Belgian branch”, said Richard Bennett, vice president of market management, Regulatory Reporting, EMEA, at Wolters Kluwer Financial Services. “We have a long established presence in the regulatory reporting arena and we remain committed to developing solutions that meet our client’s needs.”
Through Wolters Kluwer Financial Services’ Regulatory Update Service offering, part of the Regulatory Reporting solution, BMPS will have 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 more than 50 countries around the world, working to ensure the solution is up-to-date at all times.