AxiomSL, the leading global provider of regulatory reporting and risk management solutions, announced today that a US bank branch in Belgium selected AxiomSL’s central bank reporting as part of a wider project rollout across Europe.
The Global Systemically Important Bank (G-SIB) will use AxiomSL to consolidate their European region data management, capital calculation and statistical reporting onto a single platform, helping to contain the cost of meeting these regulatory challenges.
Alongside Europe, the bank is also using AxiomSL for calculations and reporting in the US headquarters and in Latin America.
As AxiomSL’s regulatory solutions are flexible, the bank is able to adopt European Union (EU) or local country-specific rules and deliver these in a timely manner, while still adhering to the overall group architecture. AxiomSL will deliver all the changes to the calculations and reports that evolve locally for the US bank, while giving the bank the agility to leverage the group data structures and minimize the impact of change.
“We are delighted that another major US bank has decided to use our platform not only in Belgium, but across other worldwide jurisdictions as well,” said Ed Royan, Chief Operating Officer, AxiomSL EMEA.
“I believe AxiomSL was chosen as our single platform was able to plug into the bank’s overall data management system and will allow us to run calculations and reports for the EMEA region, without disrupting or impacting on our reporting systems for the bank’s other jurisdictions.
“Banks today are looking for a cost effective way of remaining compliant with multiple regulations in different countries. AxiomSL’s platform gives them the ability to achieve this by using a single deployment to comply with multiple requirements. The bank’s decision to use our platform across Europe and other territories is testament to the global benefits of this approach.”