Wolters Kluwer Financial Services Launches Enterprise Credit Solution for China
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  • Wolters Kluwer Financial Services Launches Enterprise Credit Solution for China

    Jan. 13, 2016

    Latest Solution facilitates China Enterprise Credit System reporting to the People’s Bank of China

    Wolters Kluwer Financial Services has launched its Enterprise Credit Solution for China. The solution enables financial institutions operating in China to comply with the official China Enterprise Credit System (ECS) reporting standards, as set by the People’s Bank of China (PBOC).

    The Enterprise Credit Solution gathers a bank’s commercial and corporate banking data directly from its core-banking and business systems, performs regulatory computations and creates on-screen forms containing its regulatory data. Once the data is confirmed, the solution constructs the submission files in the format required for PBOC submission. Through this reporting process, banks obtain a three-dimensional view of their financial conditions, which helps improve their credit risk management.

    “Enterprise information obtained through ECS can help reduce information asymmetry between the bank and enterprise as much as possible and assist banks in their credit risk assessment so as to improve their risk management systems,” notes Ethan Feng, China Banking Regulatory Intelligence expert at Wolters Kluwer Financial Services. 

    Wolters Kluwer Financial Services developed the software to support the new reporting requirements announced during last year’s PBOC credit reporting conference. Following that conference, banks were required to develop basic rules for cross-market rating regulation, improve platform functions and expand the application of the credit reporting system.

    “This solution reinforces Wolters Kluwer Financial Services’ commitment to the fast-developing Chinese market and we are excited to offer our growing range of clients active support of PBOC regulatory reporting,” says Chris Puype, managing director of Asia Pacific for Wolters Kluwer Financial Services.

    About Wolters Kluwer Financial Services

    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.