Landesbank Saar signs BearingPoint RegTech for SFTR compliance
Franco-German bank Landesbank Saar (SaarLB) has selected BearingPoint RegTech to improve its securities financing transactions regulation (STFR) compliance.
The bank, which has a balance sheet of more than €15 billion, is deploying the vendor’s Abacus/Transactions solution.
According to BearingPoint RegTech, meeting the requirements of SFTR has posed “major challenges” for institutions across Europe.
The firm says SaarLB needed a new solution to quickly fulfil its increased regulatory requirements.
Sandra Lutsch, head of department securities service, and interest and currency management at SaarLB, agrees.
“We were looking for a trustworthy partner who could sustainably meet our complex requirements,” she says.
“Due to longstanding expertise in reporting and a high level of efficiency and automation, we quickly decided on Abacus/Transactions.”
SFTR rules aim to increase transparency on the use as repos and securities lending transactions, and on the risks around entering collateral arrangements.
Both financial and, ultimately, non-financial companies must report such transactions to approved trade repositories.
Among the requirements, firms must report who they are lending which asset to, the value of the transaction, and other largely expected pieces of information.
The need to generate reports in T+1 (trade plus one day) has caused some institutions to struggle with meeting their obligations.
Speed is crucial
“Our goal is to always respond quickly and effectively to changes in regulatory requirements and provide corresponding solutions,” says BearingPoint RegTech product manager Alexander Becht.
“Speed is usually one of the crucial factors for our customers. We are pleased to have convinced SaarLB of our offer and would like to extend our cooperation in the future.”
RegTech claims that 6,000 banks, reporting firms, insurance companies, and supervisory authorities use its systems.
It provides the Abacus regulatory reporting platform, available in a variety of forms to different industry segments.
The vendor has won deals with Union Investment Group, Revolut, and Volkswagen Bank in recent times.
Related: Rabobank outsources regulatory reporting with BearingPoint