Bank of China, which first started using AxiomSL’s regulatory capabilities back in 2015 to meet liquidity reporting requirements in Singapore, has extended its use of the platform to implement AnaCredit reporting requirements in France.
AnaCredit is a project set up by the European Central Bank (ECB) to collect detailed information on individual bank loans in the EU, with data collection scheduled to begin in September 2018.
Bank of China will use AxiomSL to automate the AnaCredit reporting process and ensure the timely and efficient submission of data. The scalable solution allows users to process, monitor and adjust the large quantities of data required by the new regulation: leveraging the bank’s existing data structure to aggregate the requisite data, map it onto the ECB data structure, populate the mandatory report templates and apply the regulatory validation rules.
“We chose to extend our usage of AxiomSL’s platform because it proved to lower the overall cost and complexity of regulatory reporting for our firm,” said Jérôme Dion, Head of Risk and Financial Management, Bank of China Paris. “We have received positive feedback with the outcome of utilising the platform for regulatory reporting in Singapore, so the decision to use it for AnaCredit compliance in France came naturally. The platform’s ability to facilitate multi-jurisdictional reporting on a global level will also allow us to tackle any additional regulatory reporting requirements confidently.”
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