Volkswagen Bank GmbH Chooses RegTech Solution From BearingPoint for Regulatory Reporting
With Volkswagen Bank GmbH, another SSM bank has decided on BearingPoint’s software solution Abacus360 Banking Regulatory to fulfil its ECB reporting obligations
AMSTERDAM–(BUSINESS WIRE)–#BearingPoint–Volkswagen Bank GmbH switches from an inhouse-developed regulatory reporting solution to the standard software package Abacus360 Banking Regulatory from BearingPoint, one of the leading providers of innovative RegTech and RiskTech solutions and services. BearingPoint not only delivers the software but also takes over all tasks and processes of the technical operation as well as the provision of the required infrastructure and comprehensive support services within the scope of managed services. In addition to using the standard software and application management, Volkswagen Bank GmbH has also decided to outsource the supply chain from Volkswagen Bank GmbH’s own data warehouse to BearingPoint. The implementation will be carried out by a joint team of experts from Volkswagen Bank GmbH and BearingPoint.
Volkswagen Bank GmbH is a wholly owned subsidiary of Volkswagen AG and provides banking services for the Volkswagen Group in Europe. Volkswagen Bank GmbH is subject to direct supervision by the European Central Bank (ECB) under the Single Supervisory Mechanism (SSM).
Jürgen Lux, CEO RegTech at BearingPoint, comments: “We are delighted that Volkswagen Bank GmbH, another SSM Bank, has placed its trust in our full-service offering consisting of software and managed services. With managed services, we offer a comprehensive, modular and individually configurable range of services to support our customers in the increasing complexity of reporting not only with our software but also with the reporting process.”
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, among them a major part of the most important European banks under direct SSM supervision, insurers, and financial service providers, use Abacus Banking Regulatory.
More information: www.reg.tech
About Volkswagen Bank GmbH
Founded in 1949, Volkswagen Bank GmbH, a subsidiary of Volkswagen AG, is Europe’s leading automobile bank with total assets of around 83 billion euros as of 31.12.2018. Its services range from financing new and used vehicles of all Volkswagen Group brands to direct banking and dealer financing.
BearingPoint is an independent management and technology consultancy with European roots and a global reach. The company operates in four units: Consulting, Solutions, Business Services, and Ventures. Consulting covers the advisory business; Solutions provides the tools for successful digital transformation, advanced analytics and regulatory requirements; Business Services provides managed services beyond SaaS; Ventures drives the financing and development of start-ups. 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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Phone: +49 89 540338029
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