Investors Bank Selects Wolters Kluwer’s OneSumX for Regulatory Reporting

Investors Bank, a New Jersey institution with 151 branches and around $25 billion in assets, has chosen Wolters Kluwer’s OneSumX solution for regulatory reporting. OneSumX for Regulatory Reporting is set up to use a single source of data to ensure consistency, reconciliation and accuracy and includes Wolters Kluwer’s Regulatory Update Service, which actively monitors regulation across 30 jurisdictions. “We wanted to take a more strategic approach when it came to our regulatory reporting obligations and says searching for an integrated platform, allowing for regulatory reporting automation,” commented Sean Burke, Executive Vice President and Chief Financial Officer at Investors Bank.

Central Bancompany Chooses Wolters Kluwer for Change Management

Missouri’s Central Bancompany has chosen to implement Wolters Kluwer’s regulatory change management solution across its 13 affiliate banks. OneSumX for Regulatory Change Management tracks regulatory changes and maps them to specific lines of business, providing enhanced risk and controls assessment. Central Bancompany also uses Wolters Kluwers’ OneSumX Risk and Controls Assessment to manage its enterprise compliance risk. “Adding these solutions gives us immediate transparency and connectivity into the array of regulatory rules and developments impacting our business, and allows us to respond in a coordinated, compliant manner,” says Shannon Thomason, Senior Vice President, Chief Compliance Officer at Central Bancompany.

Beam Raises Seed Funding for New Compliance Venture

Former Facebook and Paypal executives including Ben Duranske, former Facebook Chief Compliance Officer, have raised $9 million in Series A funding for Beam Solutions, a transaction monitoring platform designed to tackle financial crime and money laundering. The funding round was led by Greycroft Ventures and Canaan, while other investors included Broadhaven, Conversion Capital, Plug and Play and Slow Ventures; and Silicon Valley Bank also provided a $2 million debt facility.

Beam uses machine learning and new data sources to offer compliance software for fintechs, banks, broker-dealers, entities utilizing blockchain, and other regulated financial groups. Its API-based SaaS platform promises to help customers reduce false positives, meet AML and KYC requirements and maximise compliance resources.

RecordSure Partners with KPMG to Enter Australia

UK-based data management provider RecordSure has joined up with KPMG Australia to deliver its customer trust and transparency solutions to Australian financial institutions. RecordSure uses AI and machine learning to capture data from customer interactions in order to improve regulatory compliance: including the use of analytics and automation tools to record and transpose speech to text, review documents such as emails and live chat and analyses the resulting data. As the Australian implementation provider, KPMG will deliver Recordsure to clients within its existing suite of risk and business transformation capabilities.

Ascent Announces AI-Driven Change Management Service

Regulatory compliance firm Ascent Regtech, which offers a cloud-based Intelligence-as-a-Service platform, has launched a new change management product that automatically delivers targeted and bespoke regulatory updates to the customer. The product is designed to improve horizon scanning and change management processes by delivering a targeted feed of new regulations and rule changes that apply specifically to the customer. A new feature, Change Identification, provides a side-by-side comparison of the previous and newly updated versions of the rule text, while the Impact Analysis function shows the impact to the customer’s tasks which contain their controls, policies and/or procedures, enabling further action.

Solidatus Opens New Singapore Office

Data lineage solutions provider Solidatus has opened a new office in Singapore to service the Asia-Pacific market. The expansion follows two successful trade missions to Asia with the UK Department of Trade in 2018: the Hong Kong FinTech Week 2018 and the Singapore FinTech Festival 2018. “The decision to expand our presence in APAC was a logical step,” said Solidatus Co-Founder Philip Miller. “It is a very dynamic region, holding enormous potential, and we look forward to helping local, data-rich businesses of all sizes optimise their governance, system transformation and regulatory reporting needs.”

CubeLogic Launches Version 7.0 of RiskCubed Platform

CubeLogic, which provides business intelligence-enabled risk management solutions, has announced the launch of its latest RiskCubed platform, with updates including new HTML5/Angular technology to improve user experience. The Credit Risk Cube now includes counterparty centric navigation, extended portfolio capabilities and streamlined workflows for bulk margin call management. The Market Risk Cube has a new meta data-driven tabular Position Cube to simplify deployment and improve business reporting. The Regulatory Cube offers ETD reporting under REGIS-TR and BREXIT readiness. A generic rules engine also means that users can visually configure, edit and audit trail data enrichment rules applied to source data interfaces.

Bank of China Selects Wolters Kluwer’s OneSumX for Australian Regulatory Reporting

Bank of China has chosen Wolters Kluwer’s OneSumX for Regulatory Reporting to provide its regulatory reporting calculation and submission software for its operations in Australia. OneSumX for Regulatory Reporting is set up to use a single source of data to ensure consistency, reconciliation and accuracy and includes Wolters Kluwer’s Regulatory Update Service, which actively monitors regulation across 30 jurisdictions.

“We have commenced working on the implementation quickly to meet the Australian Prudential Regulatory Authority’s Economic and Financial Statistical Reporting (EFS) Phase 1,” confirmed Felix Lin, Senior Manager of Bank of China’s Sydney Branch.

Engadine Selects Red Deer’s MiFID II Research Management Solution

Hedge fund Engadine Partners has selected Red Deer’s MiFID II research management option. Engadine will use the solution to manage inducement risk, track research consumption across channels, assess value, and manage budgets in compliance with MiFID II. The firm will subsequently be able to conduct broker votes based on consumption and valuation metrics. The solution captures and attributes research consumption across email, chat and voice channels, and includes an Outlook plugin and mobile application. Its budget management function allows firms to allocate budgets at the fund, strategy or individual level and track contributions, with alerting to monitor budgetary thresholds.

Heliocor Partners with LAN2LAN on KYC/AML

Heliocor, an emerging regulatory technology company based in London, has announced a partnership agreement with UK-based LAN2LAN for professional services and implementation of its AML/KYC offerings. The agreement will enable Heliocor to take advantage of LAN2LAN’s network infrastructure design and implementation skills to implement its fraud reducing products. LAN2LAN offer support across a broad spectrum of installation options: including cloud, hybrid cloud, secure wireless, mobility and cybersecurity. The agreement will leverage LAN2LAN’s Robolitics and Dokstor products to increase security and reduce costs associated with processing fraud detection during transaction, principally for KYC and AML checks.