IBM and BearingPoint bopping with regtech BPO offering
With their joint business process outsourcing (BPO) offering, the companies are targeting the SME market.
Jean-Henrik Zitterbart, industry leader banking and financial markets DACH, IBM, says smaller institutions “find it increasingly difficult to keep pace with regulatory requirements in terms of workload, financial and risk aspects” and the offering is based on a “standardised solution and processes that enable economies of scale”.
Bodo Windmöller, chief product officer regtech at BearingPoint, adds that the offering is built upon its “well-established” Abacus platform.
Both firms cite new regulations such as AnaCredit (analytical credit datasets) and MREL (minimum requirement for own funds and eligible liabilities), new data models, and “challenging timelines” that threaten to overwhelm smaller institutions.
The offering allows financial institutions to outsource their regulatory reporting processes and covers business processes, technical operation, software maintenance and further development.
BearingPoint says its Abacus platform is currently being used by approximately 2,700 small, medium and large international banks and insurers in over 20 European countries to meet their reporting obligations in compliance with Basel III, MiFID II/MiFIR, EMIR II, Solvency II and other regulations.
In other recent news, IBM has been busy this month.