Banco Santander has chosen Wolters Kluwer Financial Services’ OneSumX Regulatory Reporting solution for its operations in Australia.
With a small team and an ever-increasing Australian Prudential Regulation Authority (APRA) Reporting requirement, this leading Spanish bank identified their requirement 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.”
Going forward, 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 solution.”
Wolters Kluwer Financial Services provides customers worldwide with risk management, compliance, finance and audit solutions that help them successfully navigate regulatory complexity, optimize risk and financial performance, and manage data to support critical decisions. With more than 30 offices in 20 countries, our prominent brands include: AppOne®, AuthenticWeb™, Bankers Systems®, Capital Changes, CASH Suite™, GainsKeeper®, NILS®, OneSumX®, TeamMate®, Uniform Forms™, VMP® Mortgage Solutions and Wiz®. Wolters Kluwer Financial Services is part of Wolters Kluwer, which had 2014 annual revenues of €3.7 billion, employs 19,000 employees worldwide, and serves customers in over 170 countries across Europe, North America, Asia Pacific, and Latin America. Wolters Kluwer is headquartered in Alphen aan den Rijn, the Netherlands. Its shares are quoted on Euronext Amsterdam (WKL) and are included in the AEX and Euronext 100 indices.