The successful deployment of ABACUS/Transactions in record breaking time enabled Santander to achieve MMSR compliance, which has proved something of a regulatory milestone for the bank.
On March 2016, the European Central Bank’s Money Market Statistical Reporting (MMSR) called on financial institutions to move from a template to a transaction reporting system, which posed a new set of challenges for Santander Consumer Bank (SCB). Owing to the magnitude of the requirements, SCB realized it didn’t just need to satisfy the rules from an IT standpoint. It needed to master the business implications too.
Well-aware of the reputation of BearingPoint’s ABACUS/Transactions software for transaction-based reporting, and encouraged by BearingPoint's global reach and strong relationships with the Bundesbank and ECB regulators, Santander's central software unit, Ingeniería de Software Bancario (Isban), sought for BearingPoint's assistance.
With this project, the collaborative energies of Isban and BearingPoint shone through, enabling them to attain their ultimate goal. The teams deployed ABACUS/Transactions with lightning speed, which ensured the daily, automatic and stable delivery of MMSR obligations.
This case study provides an excellent example of achieving regulatory reporting objectives through agile delivery and a spirit of partnership.