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Wolters Kluwer Launches OneSumX SaaS Regulatory Reporting Solution
Wolters Kluwer’s Finance, Risk & Reporting (FRR) business has launched a software-as-a-service (SaaS) Regulatory Reporting solution, marking the first time that the company’s OneSumX regulatory software has been made available on the cloud. The SaaS solution offers the same functionality as the company’s on-premise product, based on the upgraded OneSumX Regulatory Engine technology platform. The…
FactSet Launches KYC Application for Customer Due Diligence
FactSet, a global provider of integrated financial information and analytical applications, has announced the release of FactSet KYC, a cloud-based SaaS application that allows clients to streamline their KYC due diligence. The new RegTech app combines KYC robotic process automation with FactSet content and public registries, to improve the efficiency and consistency of the customer…
AI AML Software Trend Continues with Deutsche Bank’s Adoption of Finantix
At the beginning of July, Finantix announced that Deutsche Bank Wealth Management selected its AI-powered Finantix KYC Solution to help enhance the bank’s client onboarding and know-your-client (KYC) processes. The solution is already up and running in Germany, Deutsche Bank’s largest wealth management centre and the bank is now set to roll it out across…
UK Regulators Eye Up Digital Regulatory Reporting
UK regulators are stepping up their efforts to digitise regulatory reporting over the next few years. The changes the Bank of England (BoE) and the Financial Conduct Authority (FCA) propose – and which are being developed jointly with the industry – promise a transformation in the way data flows between supervisors and financial services firms….
The Model Muddle
By Richard Moss, Product Manager, AxiomSL. Many financial institutions (FIs) find themselves wondering how they became mired in a credit model muddle that is dragging down their profitability. They want to know how they can get out of this swamp. Traditionally, FIs heavily relied on economic capital models to support business decision-making. Then, with the…
Oracle Leverages Cloud Technology to Offer AML Services to Smaller Banks
Oracle in June announced the roll-out of its Oracle Financial Services Anti Money Laundering (AML) Express Edition to small- and mid-sized banks: allowing smaller players to cost-effectively address evolving global AML regulations and guidelines, despite their smaller IT budgets and limited resources compared to global top-tier institutions. AML Express provides unified platform to efficiently detect,…
FCA Urges Greater Cyber Resilience
The number of cyber incidents financial services firms reported to the Financial Conduct Authority (FCA) soared in 2018, and the watchdog is now calling on regulated firms to develop greater cyber resilience to prevent attacks and operational resilience to recover from them. According to data recently acquired by accountancy firm RSM under the Freedom of…
EBA Warns of £135bn Bank Shortfall for Basel IV
The European Banking Authority (EBA) has warned that the EU’s biggest banks could face a funding gap of up to £135bn in order to comply with Basel IV, an updated set of post-crisis regulations expected to be phased in from 2022 and be in full force by 2027. The EBA estimates that banks could face…
Dion Global Releases Corporate Actions Solution
Dion Global Solutions has released a corporate actions solution. Already live with two pilot customers, the solution is designed to make corporate actions processing cost effective for the smallest industry participants and scalable for the largest. It aims to decrease manual processing by increasing automation, and reduce risk by ensuring no event is missed or…
Key Factors for Successful Implementation of Automation in KYC
By Nick Ford, Head of Alliances at encompass, and Matt Neill, Managing Director at Optechs. Since the financial crisis more than a decade ago, there has been a huge focus on Know Your Customer (KYC) and Anti-Money Laundering (AML) from global regulators, resulting in a stream of regulation as well as more than $23 billion…