BearingPoint’s regulatory reporting software for financial institutions ABACUS/DaVinci proves to be compliant with the BOE’s Online Statistical Collection Application (OSCA)
London, February 17, 2016 – Management and technology consultancy and standard software provider for regulatory solutions BearingPoint is now listed among software houses recognised by the Bank of England as being able to provide appropriate electronic reporting facilities for OSCA reporting.
UK banks currently have to submit statistical data via Online Statistical Collection Application (OSCA), a web-based data collection application for the collection of statistical returns. The results of recent testing conducted by BearingPoint and the Bank of England have confirmed that BearingPoint’s regulatory reporting solution for financial institutions ABACUS/DaVinci is able to transmit data in the required format.
“The recognition by the Bank of England as a reliable software provider for OSCA reporting is an important achievement for us and we very much appreciate the trust granted. It confirms our commitment to successfully implement regulatory frameworks and to enable our clients to meet the regulatory requirement in different jurisdictions”, comments Maciej Piechocki, Partner at BearingPoint.
BearingPoint has been offering regulatory reporting solutions since 1993, and has grown significantly since then. Customers representing 1,800 entities in more than 20 European countries trust the products of BearingPoint’s Abacus Solution Suite, among them renowned financial institutions, a major part of the 120 most important European Banks under supervision of the Single Supervisory Mechanism, as well as leading insurance companies and supervisory authorities.
The harmonisation of reporting across Europe leads to banks adopting this harmonisation within their software solutions. Following these trends, BearingPoint has recently introduced the new generation Abacus reporting platform – Abacus360. The new platform offers enhanced reporting functions along with regulatory analytics and management of regulatory KPIs and complies with the requirements of the European Banking Authority (EBA) and European Central Bank (ECB) frameworks, as well as with the local requirements of national supervisory authorities.
ABACUS/DaVinci, part of BearingPoint’s proven Abacus Solution Suite, is a market-leading, off-the-shelf strategic risk aggregation and regulatory reporting platform, developed over 20 years along with the Basel I to III history. ABACUS/DaVinci covers the requirements of CRD IV / CRR I and EBA ITS on Reporting (CoRep, FinRep, etc.) but also statistical and granular reporting in multiple jurisdictions and enables financial institutions to comply with regulatory requirements in an efficient manner.
For more information, please visit: http://www.abacus-solution-suite.com/
BearingPoint consultants understand that the world of business changes constantly and that the resulting complexities demand intelligent and adaptive solutions. Our clients, whether in commercial or financial industries or in government, experience real results when they work with us. We combine industry, operational and technology skills with relevant proprietary and other assets in order to tailor solutions for each client’s individual challenges. This adaptive approach is at the heart of our culture and has led to long-standing relationships with many of the world’s leading companies and organisations. Our global consulting network of 9,700 people serves clients in more than 70 countries and engages with them for measurable results and long-lasting success.
For more information, please visit: www.bearingpoint.com