Wolters Kluwer’s Finance, Risk & Reporting (FRR) business and Vizor Software, announced a partnership for the Singapore market that will increase the quality of regulatory reporting while reducing the time and effort required in regulatory compliance. Using the Vizor Reporting API, Wolters Kluwer’s OneSumX for Regulatory Reporting will now automatically consume published machine-readable regulatory rules and data models directly from Singapore’s regulatory system.
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“However, this increased volume of data requests from the regulator poses problems when FI systems also require changes to respond. APIs provide machine-to-machine communication so that both FIs and the regulator can layer automation onto their existing processes and technology investments.”
OneSumX for Regulatory Reporting will automatically integrate these specifications into its Financial Institution (FI) template solutions. This seamless alignment between the regulator and financial institution systems will facilitate an on-time and high-quality submission of regulatory reports, while also reducing the cost and effort associated with new or changing reporting requirements.
OneSumX for Regulatory Reporting combines bank data into a single source of data to ensure consistency, ease of reconciliation and accuracy. It includes access to Wolters Kluwer’s unique Regulatory Update Service which is maintained by Wolters Kluwer experts who actively monitor regulation in 30 countries. In July 2019 Wolters Kluwer announced the launch of its software-as-a-service (SaaS) Regulatory Reporting solution, marking the first time that the company’s OneSumX regulatory software has been made available on the cloud.
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“While much has been written about the need to reduce the burden of regulatory reporting, the global standardization required for full, cross-border automation does not yet exist. We recognize that regulators require a wide variety and increasingly granular level of jurisdiction-specific data to deal with emerging risks. Regulators using our platform are able to dynamically define data requests and rules in an open, standardized format,” said Conor Crowley, CEO of Vizor Software. “However, this increased volume of data requests from the regulator poses problems when FI systems also require changes to respond. APIs provide machine-to-machine communication so that both FIs and the regulator can layer automation onto their existing processes and technology investments.”
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