Volkswagen Bank relies on BearingPoint’s regtech
Volkswagen Bank is switching from an inhouse-developed regulatory reporting solution to the standard software package Abacus360 Banking Regulatory from BearingPoint, a provider of regtech and risktech solutions and services.
BearingPoint delivers the software and takes over all tasks and processes of the technical operation as well as the provision of the required infrastructure and support services within the scope of managed services.
In addition to using the standard software and application management, Volkswagen Bank has also decided to outsource the supply chain from its own data warehouse to BearingPoint. The implementation will be carried out by a joint team from both firms.
Jürgen Lux, CEO regtech at BearingPoint, comments: “We are delighted that Volkswagen Bank GmbH has placed its trust in our full-service offering consisting of software and managed services. With managed services, we offer a comprehensive, modular and individually configurable range of services to support our customers in the increasing complexity of reporting not only with our software but also with the reporting process.”
Volkswagen Bank is a subsidiary of Volkswagen AG and provides banking services for the Volkswagen Group in Europe. Volkswagen Bank is subject to direct supervision by the European Central Bank (ECB) under the Single Supervisory Mechanism (SSM).