Deutsche Börse subsidiaries, such as Clearstream, one of the largest global providers of post-trading services, will from 2021 onwards use software products from BearingPoint RegTech to meet most of their regulatory reporting requirements.
The entities will use Abacus360 Banking and ABACUS/Transactions for the majority of their regulatory and transaction-based reporting in Germany and Luxembourg. Recently, Clearstream had already decided to implement Abacus360 Banking in Singapore. With Abacus, Clearstream will replace individual applications in the different countries. The Professional Services division of BearingPoint RegTech will support the implementation project.
“We were looking for a uniform solution for all countries in order to create synergies and, in the long term, to save costs in regulatory reporting. With Abacus we now have a uniform platform and one interface to our back-office systems,” says Florian Rodeit, Head of Finance Operations, Deutsche Börse AG.
“This decision is an important milestone for us. Clearstream has been using our tax reporting solution FiTAX for a long time, and the decision to use Abacus360 Banking and ABACUS/Transactions for other reporting areas is a sign of confidence in us as a solution partner,” comments Jürgen Lux, CEO of BearingPoint RegTech.
With Abacus360 Banking, the entities of Deutsche Börse AG will cover the CRR reporting requirements as well as the national requirements of the supervisory authorities in Germany and Luxembourg. Thanks to its innovative technology, Abacus360 Banking facilitates the implementation of new regulations and enables a rapid response even to short-term requests such as ad-hoc reporting and fire drills. The solution automates the reporting process from data delivery, data analysis, audit and reporting, including calculations and validation, through to submission to the supervisory authorities. With ABACUS/Transactions, various transaction-based reporting requirements in accordance with ECB money market statistics (MMSR) will be fulfilled.