Unicorn fintech Revolut chooses BearingPoint’s Abacus360 Banking solution to meet regulatory reporting requirements
Revolut selects BearingPoint’s Abacus360 Banking managed services offering as solution for EBA and AnaCredit reporting
AMSTERDAM & FRANKFURT, Germany–(BUSINESS WIRE)–#Revolut–BearingPoint RegTech, a leading international provider of innovative regulatory and risk technology solutions (RegTech and RiskTech), welcomes the UK-based financial technology company Revolut as a new customer for its Abacus360 Banking solution. Revolut will be using Abacus360 Banking for EBA and AnaCredit reporting. Revolut recently received a European banking license from the Bank of Lithuania, which grants the company access to the European market post-Brexit, and BearingPoint RegTech is now accompanying the fintech as it expands internationally.
“The increasing complexity of regulatory reporting coupled with high cost pressure poses major challenges for reporting institutions. We are delighted to support Revolut in meeting these challenges with our comprehensive managed services offering,” comments Jürgen Lux, Chief Executive Officer at BearingPoint RegTech.
“As we begin to embark on our journey towards becoming a global bank, we are proud to be working with BearingPoint as part of this important process,” says Nik Storonsky, Founder & Chief Executive Officer of Revolut.
The innovative fintech started out offering a prepaid card, allowing customers to spend and transfer money globally at the interbank exchange rate. Now the company offers banking services such as current accounts, loans and overdraft facilities. Since the company launched in 2015, it has signed up over six million customers across the UK and Europe.
Abacus360 Banking Regulatory is a standard software for national and international prudential reporting, statistical reporting as well as granular reporting (AnaCredit) and ad-hoc reporting. Renowned financial institutions representing more than 1,000 reporting entities use Abacus Banking Regulatory, among them a major part of the most important European banks under direct SSM supervision, insurers, and financial service providers.
Revolut launched in July 2015 as a digital alternative to traditional banks. Revolut was founded in London by former Credit Suisse Trader, Nik Storonsky, and former Deutsche Bank Systems Engineer, Vlad Yatsenko.
Since launching, Revolut has attracted over six million customers in Europe and processed more than $50 billion in transaction volumes. The company has raised more than $336 million in funding from leading venture capital firms such as Index Ventures, Balderton Capital and DST Global, with a current valuation of $1.7 billion.
BearingPoint is an independent management and technology consultancy with European roots and a global reach. The company operates in three business units: The first unit covers the advisory business with a clear focus on five key areas to drive growth across all regions. The second unit provides IP-driven managed services beyond SaaS and offers business critical services to its clients supporting their business success. The third unit provides the software for successful digital transformation and regulatory requirements. It is also designed to explore innovative business models with clients and partners by driving the financing and development of start-ups and leveraging ecosystems.
BearingPoint’s clients include many of the world’s leading companies and organizations. The firm has a global consulting network with more than 10,000 people and supports clients in over 75 countries, engaging with them to achieve measurable and sustainable success.
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About BearingPoint RegTech
BearingPoint RegTech, a business unit of management and technology consultancy BearingPoint, is a leading international provider of innovative regulatory and risk technology solutions (RegTech and RiskTech) and services along the Regulatory Value Chain for financial services. Customers representing 6,000 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 RegTech’s products and services. BearingPoint RegTech works closely with regulators and, as a member of standardization bodies such as XBRL, actively contributes to the standard-setting process. BearingPoint RegTech combines regulatory know-how with proven, reliable and forward-looking RegTech solution suite, expert consulting capabilities, managed services and training seminars.
For more information, please visit:
Press contact BearingPoint RegTech
Senior Manager Communications
Phone: +49 69 13022 3666
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