ABLV Bank chooses Wolters Kluwer’s OneSumX for regulatory reporting
The solution will be used for both its Latvian headquarters and its Luxembourg-based subsidiary, including European Banking Authority reporting obligations.
The bank is also using the firm’s Regulatory Update Service. This 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”.
Wolters Kluwer says OneSumX uses a “single source of data to ensure consistency, reconciliation and accuracy”; and provides an “ecosystem” to manage the “intersection” of governance, finance, risk and compliance (GFRC).
Benoît Wtterwulghe, CEO at ABLV Bank Luxembourg, says it is a “newly established bank that will break even this year after three years of activity” and that OneSumX meets its regulatory obligations “in a timely way in a period of frenetic increase of the regulatory burden.”
At the back office, ABLV is a long-standing user of Temenos’ T24 core banking system.