Deutsche Kreditbank AG (DKB) will use the full-service offering of BearingPoint RegTech to meet its regulatory reporting requirements.
Having been a long-time customer of BearingPoint RegTech´s advisory division, the direct bank has now also decided on the reporting software Abacus360 Banking as well as the RegTech Factory. The crucial factors for the DKB´s decision were a full-service offering and Abacus360 Banking´s forward-looking technology. In outsourcing operations to the Factory, particular value is placed on sustainability and the continuous optimization of operational processes.
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DKB will use Abacus360 Banking to meet the requirements of German and European regulatory reporting, including AnaCredit, CoRep and liquidity reporting. DKB already reached the first implementation milestone when the bank successfully submitted its first AnaCredit reports to the Bundesbank from Abacus360 Banking at the beginning of January 2021. The application is provided on the digital RegTech Factory as a managed service. In addition to the operation of the software, BearingPoint RegTech therefore also takes on further tasks and processes of the technical operation for DKB to fulfill its regulatory reporting requirements.
“We were looking for a service provider that would particularly meet our own requirements on our way to becoming a TechBank. Market leadership and especially technological pioneering were therefore crucial in our decision. With BearingPoint RegTech, we now have an experienced partner at our side with whom we can develop modern and forward-looking solutions for regulatory reporting,” says Armin Hermann, Head of the Finance Division at DKB.
“We have been supporting DKB in the advisory field for more than three years. Now the bank has decided to go with our full-service offering and thus additionally employ Abacus360 Banking and the RegTech Factory. We will efficiently integrate these into DKB´s organization and processes for optimal utilization. Outsourcing of software operation helps our customers to respond quickly to regulatory change. We are looking forward to a trusting and sustainable collaboration with DKB,” says Jürgen Lux, Chief Executive Officer of BearingPoint RegTech.
With the RegTech Factory, participating banks and financial service providers can achieve significant economies of scale. BearingPoint RegTech is already the leading provider of regulatory reporting services in the DACH region and has been serving banks, insurers, and asset managers that have outsourced this critical area as a so-called managed service or RaaS for 15 years. BearingPoint RegTech currently has around 70 customers with 1,000 firms across Europe for its managed services business. The offering covers a variety of services related to the technical operation of BearingPoint RegTech’s regulatory reporting software solutions including infrastructure services and application management, support and monitoring of data delivery and processing as well as report preparation. The service portfolio can be tailored to the specific needs and requirements of financial institutions.
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