Spanish Bank Opts for Wolters Kluwer Technology for Australian Regulatory Reporting
Banco Santander has chosen Wolters Kluwer Financial Services’ OneSumX Regulatory Reporting solution for its operations in Australia.
With ever-increasing Australian Prudential Regulation Authority (APRA) Reporting requirements, this leading Spanish bank identified a need to automate external reporting generation to ensure accurate and timely reporting to the regulator.
“The OneSumX APRA Reporting solution truly matched our requirements,” said Simon Barker, financial controller, at Banco Santander in Sydney. “The scalable solution and global capabilities of Wolters Kluwer Financial Services combined with a supporting team on the ground in Australia, were some of the most important reasons why we chose to opt for the solution.”
OneSumX’s financial data architecture will enable data consolidation for Banco Santander, while the APRA reporting automation tool will facilitate its compliance with APRA regulatory reporting requirements covering foreign Authorised Deposit-taking Institution (ADI) reports.
Banco Santander also chose the solution due to OneSumX’s ability to hold ‘Source of Truth’ data from many sources with full transparency, auditability and control of numbers right through to the regulator.
Meanwhile, Wolters Kluwer Financial Services’ unique Regulatory Update Service (RUS) offering, part of the Regulatory Reporting solution, will help the bank ensure continued compliance with the latest regulatory standards as they develop. This service is maintained by experts who actively monitor regulation in approximately 50 countries globally, to ensure the solution is up-to-date.
“We are delighted that this leading bank with a global footprint has chosen our solution,” commented Chris Puype, managing director of Asia Pacific for Wolters Kluwer Financial Services. “Wolters Kluwer is deeply committed to the Australian market and our ability to maintain full support for APRA regulatory reporting is a key factor for ADIs looking for a complete regulatory reporting