Management and technology consultancy BearingPoint, which ranks among the leading providers of Risk and Regulatory Technology (RiskTech/RegTech), announced today that it has been short-listed as a finalist for the Financial Innovation Awards 2016 presented by ifs University College and the British Bankers Association (BBA) in the category “Most innovative financial services solution – technology vendor”.
The Financial Innovation Awards recognize and reward initiatives demonstrating leadership, vision and innovation. Now in their 19th year are widely known as the leading awards ceremony for the banking and financial services industry.
The category “Most innovative financial services solution – technology vendor” awards vendors that have implemented their IT solutions in financial services organizations, how it has been successfully integrated and what have been the benefits for organizations adopting this solution. BearingPoint’s implementation of ABACUS/Transaction for over 15% of the reporting institutions in the Eurozone and the successfully completed three-months test phase were especially convincing for the jury.
Dr. Maciej Piechocki, Partner at BearingPoint, commented: “We are very pleased to be nominated as a finalist for the Financial Innovation Awards 2016. It shows that BearingPoint recognized the need for transaction-based solutions at an early stage and our central, modular platform meets the needs of the market. Most European banks will be affected by the planned regulations that require reports on a daily transaction basis, such as MiFID II/MiFIR and Securities Financing Transactions Regulation (SFTR).”
ABACUS/Transactions helps to meet the increased demand for even more granular intra-day transaction data calculation. The ABACUS/Transactions modules TR and MMSR are covering the reporting obligations of derivative contracts to an authorized trade repository (EMIR reporting) and the reporting of euro-dominated money market transactions to the Deutsche Bundesbank / European Central Bank. The relevant transactions for these reports are being delivered to ABACUS/Transactions by the banks´ front- and back-office systems via a predefined interface. Additional modules for MiFID II/MiFIR and SFTR as new European reporting components as well as the Swiss derivatives reporting according to FMIA/FinfraG to the trade repository RegisTR are in preparation.
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