BearingPoint’s ABACUS/Transactions solution for the ECB Money Market Statistical Reporting finalist in the prestigious awards presented by ifs University College and the BBA
Frankfurt, September 02, 2016 — Management and technology consultancy BearingPoint, which ranks among the leading providers of Risk and Regulatory Technology (RiskTech/RegTech), announced today that it has been short-listed as a finalist for the Financial Innovation Awards 2016 presented by ifs University College and the British Bankers Association (BBA) in the category “Most innovative financial services solution – technology vendor”.
The Financial Innovation Awards recognize and reward initiatives demonstrating leadership, vision and innovation. Now in their 19th year are widely known as the leading awards ceremony for the banking and financial services industry.
The category “Most innovative financial services solution – technology vendor” awards vendors that have implemented their IT solutions in financial services organizations, how it has been successfully integrated and what have been the benefits for organizations adopting this solution. BearingPoint’s implementation of ABACUS/Transaction for over 15% of the reporting institutions in the Eurozone and the successfully completed three-months test phase were especially convincing for the jury.
Chris Ray, Director of Marketing, Communications & Professional Services at ifs University College, said: “The sheer volume of entries we received 2016 Awards has already made the judges’ roles very difficult, even at the shortlisting stage. This year, we have seen the entry of a number of new and exciting ventures which are challenging the established order and industry-leading developments from major global organisations, proving once again that innovation is vibrant across the industry.”
Dr. Maciej Piechocki, Partner at BearingPoint, commented: “We are very pleased to be nominated as a finalist for the Financial Innovation Awards 2016. It shows that BearingPoint recognized the need for transaction-based solutions at an early stage and our central, modular platform meets the needs of the market. Most European banks will be affected by the planned regulations that require reports on a daily transaction basis, such as MiFID II/MiFIR and Securities Financing Transactions Regulation (SFTR).”
ABACUS/Transactions helps to meet the increased demand for even more granular intra-day transaction data calculation. The ABACUS/Transactions modules TR and MMSR are covering the reporting obligations of derivative contracts to an authorized trade repository (EMIR reporting) and the reporting of euro-dominated money market transactions to the Deutsche Bundesbank / European Central Bank. The relevant transactions for these reports are being delivered to ABACUS/Transactions by the banks´ front- and back-office systems via a predefined interface. Additional modules for MiFID II/MiFIR and SFTR as new European reporting components as well as the Swiss derivatives reporting according to FMIA/FinfraG to the trade repository RegisTR are in preparation.
The Financial Innovation Awards winners will be announced on the 8th of December 2016 in London.
With its RegTech product line, BearingPoint is a leading international provider of innovative regulatory and risk technology solutions (RegTech and RiskTech) and services across the entire Regulatory Value Chain for financial services. Customers representing more than 4,400 firms worldwide, among them large international banks, a major part of the largest European banks, leading insurance companies as well as supervisory authorities and central banks, trust BearingPoint’s RegTech products and services.
We work closely with regulators and actively contribute to the process of standard setting. BearingPoint is a member of the XBRL Consortium along with other standardization bodies and works closely with supervisory authorities and central banks. We combine this regulatory expertise with our proven, reliable and future-oriented software solution suite and expert consulting capabilities as well as training seminars and managed services. Our products, built with over 20 years of experience in regulatory and tax reporting, help firms around the world to streamline processes and improve efficiency and transparency in data collection, reporting, management and analytics.
For more information about BearingPoint’s RegTech product line, please visit: www.reg.tech
BearingPoint consultants understand that the world of business changes constantly and that the resulting complexities demand intelligent and adaptive solutions. Our clients, whether in commercial or financial industries or in government, experience real results when they work with us. We combine industry, operational and technology skills with relevant proprietary and other assets in order to tailor solutions for each client’s individual challenges. This adaptive approach is at the heart of our culture and has led to long-standing relationships with many of the world’s leading companies and organizations. Our global consulting network of more than 10,000 people serves clients in over 75 countries and engages with them for measurable results and long-lasting success.
For more information, please visit: www.bearingpoint.com