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A-Team Insight Blogs

Julius Baer Extends its Use of AxiomSL’s Regulatory Reporting Platform

Swiss private banking group Julius Baer has extended its use of AxiomSL’s regulatory reporting platform to automate its group level and Swiss entity Basel III calculations and reporting, as well as its group level and Swiss entity statistical reporting.

The banking group is already using the AxiomSL platform for financial reporting in Hong Kong and Singapore, and may continue to build out its use of the platform to include transactional reporting for European Market Infrastructure Regulation and the Swiss Financial Market Infrastructure Act (FinfraG), and cross-border tax reporting for the Foreign Account Tax Compliance Act (Fatca), UK Fatca and the Automatic Exchange of Information/Common Reporting Standard.

Julius Baer previously used in-house and external supplier processes to support Basel III and Swiss statistical reporting, but these processes became suboptimal in terms of managing data volumes and performance, leading the banking group to look into the market for a new platform. AxiomSL was selected after a competitive process that included proofs of concept and will work with Julius Baer to implement its regulatory reporting platform through the rest of this year and into next year.

Urs Monstein, chief information officer at Julius Baer, explains: “Group level reporting involves significant data volumes and requires a solution with robust processing capabilities. We were impressed by AxiomSL’s high performance platform, including the flexibility and transparency it offers to users. The fact that all of AxiomSL’s solutions are fully supported and that AxiomSL updates its reporting templates when regulations change will greatly lower the cost and complexity of compliance.”

For AxiomSL, the deal with Julius Baer increases its strength in the Swiss market, where it now serves the top three banks. Ed Royan, chief operating officer EMEA at AxiomSL, says: “We expect further growth throughout continental Europe in 2015, as demand for regulatory, capital and tax reporting solutions increases.” Commenting on developments to the company’s regulatory reporting solution, he adds: “We are focusing on usability and performance improvements, and continuing to build out the platform to support regulatory changes across the continent.”

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