Belgian cooperative NewB picks Wolters Kluwer’s OneSumX
Belgium-based NewB bank has selected Wolters Kluwer’s OneSumX to underpin its asset and liability management (ALM) operations.
The cooperative bank successfully raised €35 million to obtain a banking licence in December 2019.
NewB offers current accounts, savings accounts and medium-term loans. The initial rate of interest on deposits will be 0%, at least until the end of 2024.
NewB aims to have 108,000 current account holders by the end of 2024, and 35,000 savings accounts.
Jean-Christophe Vanhuysse, executive director at the NewB, says his firm picked Wolters Kluwerfor its “excellent reputation”.
He adds: “The goal of NewB is to offer simple and transparent banking services which follow the principles of sustainability and ethics.
“As such we require highly reliable and intuitive technology to ensure we manage our risk profile.”
The ALM component of OneSumX for risk management is based on Wolters Kluwer’s integrated platform. It enables balance sheet modelling, stress testing and “dynamic” planning.
Kris Van Bavel, managing director of Wolters Kluwer’s risk business in EMEA, says that the vendor continues to attract “a range of clients across Benelux and beyond.”