Russia’s largest bank joins Wolters Kluwer customer list
Russia-based Sberbank has implemented Wolters Kluwer’s risk management solution, OneSumX, to streamline its treasury operations. OneSumX will enable the bank to perform dynamic simulation, market risk analysis and liquidity risk analysis, says the vendor.
There was an extensive system selection, says Wolters Kluwer, with around 30 providers on the long list.
Andrey Prudnikov, treasury director at Sberbank CIB, comments that the bank required “a custom built, adaptable, flexible and user-friendly analytic solution that matched well with our technical standards”. Wolters Kluwer proved to be “the right partner for Sberbank”.
Clive Pedder, managing director, head of finance, risk and reporting at Wolters Kluwer, says the vendor is “experiencing success in Russia”. Banking Technology is not aware of any other Russian banks besides Sberbank using OneSumX or its components, but there are a number of multinationals on the Wolters Kluwer list that have a presence in Russia and use the solution as part of a multi-country deal, e.g. BNP Paribas.
OneSumX: the story
OneSumX is a platform that incorporates Wolters Kluwer’s two main acquisitions in the risk management software space: FRSGlobal and Financial Architects (FinArch). Both were Belgium-based companies, the former was known for its RegPro and RiskPro solutions, and the latter’s offering was the FinStudio suite. They competed in some areas.
Following the acquisitions of FRSGlobal (2010) and FinArch (2012), these two businesses plus Wolters Kluwer’s own US-centric product line and the old UK-centric rFrame product (purchased from CGI in late 2013) were gradually brought under one umbrella brand – Wolters Kluwer Financial Services. The business has a global reach and broad delivery capabilities, covering 45 countries and employing around 2,300 people.
Wolters Kluwer presents the combined OneSumX as a modular, end-to-end finance, risk, compliance and performance solution, which is designed on an integrated data layer and enables multiple use-cases. Modules – OneSumX for Finance, OneSumX for Risk Management, OneSumX for Performance and OneSumX for Regulatory Reporting – can be taken individually, on a standalone basis, or a customer can opt in for an integrated approach, according to the vendor.
Poland-based Bank Pocztowy is implementing OneSumX, to support the following areas: asset and liability management (ALM), market risk, liquidity risk, and credit risk (for the Basel III capital charges calculation).
Permanent TSB in Ireland and Banca Monte Paschi Belgio in Belgium signed for OneSumX last year.
Other takers of late include Housing and Development Bank (HDB) in Egypt, Banco Santander in Australia, State Bank of India in France, Alizz Islamic Bank in Oman, Nippon Wealth Limited in Hong Kong and Atom Bank in the UK.