Cooperative Rabobank U.A. (Rabobank), a large bank in the Netherlands, has decided on outsourcing parts of their regulatory reporting processes to BearingPoint RegTech. Rabobank is a cooperative bank based in Utrecht with multinational operations and consists of around ninety local Rabobanks in the Netherlands.
Rabobank will use Abacus360 Banking for European regulatory reporting according the requirements of the European Banking Authority (EBA) including CoRep and FinRep. Rabobank decided not to host the software on premise, but to have it operated by BearingPoint RegTech on the digital RegTech Factory as a managed service or, more common in regulatory reporting, RaaS (Regulatory-as-a-Service).
“We were looking for a solution provider, who is able to really unburden us from regulatory reporting efforts by delivering both a standardized reporting software and managed services including regulatory maintenance of the solution,” explains Margriet Simons, Manager FRC Reporting, Rabobank.
“Rabobank’s decision is a very important milestone for BearingPoint RegTech in two respects: firstly, it is a major step for our international expansion, and secondly it underlines the importance of our RegTech Factory strategy, ” comments Jürgen Lux, CEO, BearingPoint RegTech.
“We are very proud that Rabobank will join the Dutch RegTech community, and we are very much looking forward to a sustainable partnership,” adds Alexander Turlot, Country Lead Netherlands, BearingPoint RegTech.
The RegTech Factory offering aims at achieving significant economies of scale for participating banks and financial service providers. 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.