Sopra Banking Software, a specialist in regulatory reporting software to 70 financial services customers across 17 countries, has been added to the Bank of England’s (BoE) approved list of software suppliers that can transmit data in all required formats.
The recognition of its compliance with standardised messaging and finance and account reporting procedures and formats, such as the use of ISO 20022 XML messaging for instance, by the BoE could potentially lead to more work in the UK for Sopra as it seeks to expand its business in the country. It specifically passed a BoE test to electronically transmit statistical returns via the Sopra Banking report software package, covering accounting procedures.
“The need to satisfy the growing compliance demands and regulatory reporting functions is a challenge UK financial services (FS) organisations,” said Ahmed Michla, head of business solutions at Sopra. “FS firms are looking for a partner with a solid track record of delivering focused solutions that is also fully accredited, which is why it is important to have been recognised by the Bank.”