BearingPoint‘s Abacus solution for regulatory reporting is now available in FinTech Group’s product portfolio
Frankfurt, August 9, 2017 – Management and technology consultancy BearingPoint, a leading provider of Risk and Regulatory Technology (RiskTech/RegTech), announced that FinTech Group AG, one of the leading providers of innovative financial technologies in Europe, included BearingPoint’s regulatory reporting solution ABACUS/DaVinci in its product portfolio.
FinTech Group serves more than 200,000 private clients and is an important technology partner in the B2B sector for German as well as for international banks and financial institutions. The company’s technical and regulatory FinTech solutions cover the entire value chain. FinTech Group covers the area of “regulatory reporting” with the Abacus solutions, which financial institutions can obtain in different ways (on-premises installation, hosting). FinTech Group starts with the ABACUS/DaVinci solution, but in the course of migration to the new software platform Abacus360, they will also offer Abacus360 Banking in the future.
We are delighted that FinTech Group has decided to include our reporting solutions in their portfolio. With FinTech Group, BearingPoint has won an important customer and partner in the financial services industry. Its innovative business model enables established financial institutions, but also the increasing number of reporting FinTechs, to obtain a solution for regulatory reporting and to fulfill regulatory requirements. We are looking forward to working with FinTech Group.
Maciej Piechocki, Partner at BearingPoint
As one of the leading providers of FinTech solutions, our aim is to improve and accelerate regulatory automatization and standardization. The RiskTech/RegTech solution ABACUS/DaVinci meets our standards and can be implemented flexibly in different areas. We use the solution ourselves within FinTech Group and also include it in our B2B product portfolio for bank clients.
Frank Niehage, CEO of FinTech Group AG
ABACUS/DaVinci is a market-leading, off-the-shelf strategic risk aggregation and regulatory reporting platform that covers the requirements of the EBA (European Banking Authority’), the ECB (European Central Bank) and national supervisory authorities. Renowned financial institutions representing more than 800 reporting entities, among them a major part of the most important European banks under supervision of the SSM (Single Supervisory Mechanism), insurers, and financial institutions, trust ABACUS/DaVinci.
Abacus360 Banking is an innovative future-oriented solution created to respond to the challenges of banking regulation in the upcoming years. Abacus360 Banking fulfils the BCBS 239 principles for risk data aggregation and reporting. The platform integrates reporting, risk, and finance applications based on one single data model and thus complies with the requirements for data consistency across departments defined in BCBS 239. Abacus360 Banking also meets the requirements of data lineage through the Complete Audit Trail (CAT). Abacus360 is scalable in high-performance environments and facilitates faster processing times, cost-effective scalability, higher transparency and more agility in terms of faster implementation of new regulatory requirements.
For more information about BearingPoint’s RegTech product line, please visit: http://www.reg.tech.
About FinTech Group AG
FinTech Group AG (WKN: FTG111, ISIN: DE000FTG1111, Ticker: FTK.GR) is a modern smart bank: We offer innovative financial technology, our own core banking system, and a regulatory liability umbrella. Our cash cow is retail broker flatex which, through our advanced technology, can offer top-quality service at an affordable price. This makes flatex the fastest growing trading platform in Europe. Our smart technology is easy to scale, so we also successfully offer it to B2B customers. We provide vital services for many well-known institutions and even state infrastructure. We help start-ups and disruptive business ideas that require a banking license to rapidly become a success through our white label banking. In a time of bank consolidation, low interest rates, and digitization we are ideally positioned for further growth. Our goal is to become Europe’s leading provider of financial technology.
BearingPoint is an independent management and technology consultancy with European roots and a global reach. The company operates in three units: Consulting, Solutions and Ventures. Consulting covers the advisory business; Solutions provides the tools for successful digital transformation, regulatory technology and advanced analytics; Ventures drives the financing and development of start-ups. BearingPoint’s clients include many of the world’s leading companies and organizations. The firm has a global consulting network with more than 10,000 people and supports clients in over 75 countries, engaging with them to achieve measurable and sustainable success.
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