BearingPoint‘s Abacus solution for regulatory reporting is now available in FinTech Group’s product portfolio
Management and technology consultancy BearingPoint, a leading provider of Risk and Regulatory Technology (RiskTech/RegTech), announced that FinTech Group AG, one of the leading providers of innovative financial technologies in Europe, included BearingPoint’s regulatory reporting solution ABACUS/DaVinci in their product portfolio.
The FinTech Group serves more than 200,000 private clients and is an important technology partner in the B2B sector for German as well as international banks and financial institutions. Their technical and regulatory FinTech-solutions cover the entire value chain. FinTech Group covers the area of “regulatory reporting” with the Abacus solutions which financial institutions can obtain in different ways (on-premises installation, hosting). The FinTech Group starts with the ABACUS/DaVinci solution, but in the course of migration to the new software platform Abacus360, they will also offer Abacus360 Banking in the future.
Dr. Maciej Piechocki, Partner at BearingPoint commented: “We are delighted that FinTech Group has decided to include our reporting solutions in their portfolio. With the FinTech Group, BearingPoint has won an important customer and partner in the financial services industry. Their innovative business model enables established financial institutions, but also the increasing number of reporting FinTechs to obtain a solution for regulatory reporting and be able to fulfill regulatory requirements. We are looking forward to working with the FinTech Group.”
Frank Niehage, CEO of FinTech Group AG, commented: “As one of the leading providers of FinTech solutions our aim is to also improve and accelerate regulatory automatization and standardization. The RiskTech/RegTech solution ABACUS/DaVinci meets our standards and can be implemented flexibly in different areas. We use the solution ourselves, within the FinTech Group, and also include it in our B2B product portfolio for bank clients. “
ABACUS/DaVinci is a market-leading, off-the-shelf strategic risk aggregation and regulatory reporting platform that covers the requirements of EBA (European Banking Authority’), ECB (European Central Bank) and national supervisory authorities. Renowned financial institutions representing more than 800 reporting entities, among them a major part of the most important European banks under supervision of the SSM (Single Supervisory Mechanism), insurers, and financial institutions trust on ABACUS/DaVinci.
Abacus360 Banking is an innovative future-oriented solution created to respond to the challenges of banking regulation in the upcoming years. Abacus360 Banking fulfils the BCBS 239 principles for risk data aggregation and reporting. The platform integrates reporting, risk, and finance applications based on one single data model and thus complies with the requirements for data consistency across departments defined in BCBS 239. Abacus360 Banking also meets the requirements of data lineage through the Complete Audit Trail (CAT). Abacus360 is scalable in high-performance environments and facilitates faster processing times, cost-effective scalability, higher transparency and more agility in terms of faster implementation of new regulatory requirements.