BearingPoint recognized as RegTech innovator with four products of the Abacus Solution Suite
Management and technology consultancy BearingPoint, which ranks among the leading providers of Risk and Regulatory Technology (RiskTech/RegTech), announced today that it has been recognized as a top performer in the first RegTech Supplier Performance Report 2016 by MarketFintech. MarketFinTech is an experienced business and marketing consulting firm focussing on the emerging FinTech and RegTech industry. The first RegTech report analyzes the market coverage and performance of Regtech suppliers in order to give technology buyers from the financial services industry a sound basis for decision making.
The report investigates both new entrants and incumbents. BearingPoint ranks among the top performers in the categories “Regulatory Reporting Tools” and “Transaction Reporting and Monitoring”with products from its innovative Abacus Solution Suite. The positions are based on the number of total users, product go-to-market dates and established years.
“With RegTech helping unlock and facilitate the delivery of regulatory requirements more efficiently and effectively than existing capabilities, it’s easy to understand why RegTech is now firmly on the agenda,” said Tina Snelling, CEO MarketFinTech and Editor of the RegTech Performance Report. “However, for compliance and IT teams, finding, understanding and validating proven RegTech solutions can be difficult. Now, with our report, we have facts and figures to support the performance of Regtech providers, wherein BearingPoint’s range of solutions ranks particularly well in the global market.”
Maciej Piechocki, Partner at BearingPoint, said “We are very proud of being acknowledged as a Top 10 perfermor in this first RegTech Performance Report with four products from our Abacus Solution Suite. This is a proof of BearingPoint’s international recognition as a leading provider of RegTech and RiskTech software and services across the entire Regulatory Value Chain for financial services.”
ABACUS/Transactions ranked 2nd within the category “Transaction Reporting and Monitoring.” It has been successfully established on the market as a standard product for transaction-based reporting. Over 15% of the reporting institutions in the Eurozone have decided on ABACUS/Transactions for the ECB Money Market Statistical Reporting (MMSR) and successfully completed the MMSR test phase.
ABACUS/Regulator is a solution tailored to the specific needs of regulators and central banks that supports regulatory data collection, data validation, data storage, data visualization as well as data remittance.
ABACUS/GMP serves as the technical platform for the Austrian Reporting Services (AuRep), which is regarded as the largest European reporting utility.
In light of the continually intensifying pressure placed on financial institutions with new requirements such as AnaCredit, BCBS 239 and IFRS 9, BearingPoint has developed a new generation RegTech: Abacus360 Banking is an integrated platform for 360° reporting and regulatory analytics, risk calculation and the management of regulatory key performance indicators (KPIs). Abacus360 considers significant key trends such as replacing form-based reports with data cubes, the-increasing influence of regulations on banks’ product portfolios and the need to integrate regulatory KPIs.
With its RegTech product line, BearingPoint is a leading international provider of innovative regulatory and risk technology solutions (RegTech and RiskTech) and services across the entire Regulatory Value Chain for financial services. Customers representing more than 4,400 firms worldwide, among them large international banks, a major part of the largest European banks, leading insurance companies as well as supervisory authorities and central banks, trust BearingPoint’s RegTech products and services.
We work closely with regulators and actively contribute to the process of standard setting. BearingPoint is a member of the XBRL Consortium along with other standardisation bodies and works closely with supervisory authorities and central banks. We combine this regulatory expertise with our proven, reliable and future-oriented software solution suite and expert consulting capabilities as well as training seminars and managed services. Our products, built with over 20 years of experience in regulatory and tax reporting, help firms around the world to streamline processes and improve efficiency and transparency in data collection, reporting, management and analytics.
Market Fintech is a market intelligence firm focusing on the FinTech sector. The company has more than 20 years of experience operating in technology for financial services and corporations globally. Market Fintech produces a number of yearly sales performance reports for the FinTech industry, namely: RegTech Performance Report and TreasuryTech Performance Report. These reports are used by practitioners to understand and lift the lid on FinTech, who is performing, who they are selling to, how many users, where in the world, scope of solution and more.
BearingPoint consultants understand that the world of business changes constantly and that the resulting complexities demand intelligent and adaptive solutions. Our clients, whether in commercial or financial industries or in government, experience real results when they work with us. We combine industry, operational and technology skills with relevant proprietary and other assets in order to tailor solutions for each client’s individual challenges. This adaptive approach is at the heart of our culture and has led to long-standing relationships with many of the world’s leading companies and organizations. Our global consulting network of more than 10,000 people serves clients in over 75 countries and engages with them for measurable results and long-lasting success.