SIGNAL IDUNA Group's financial subsidiary is a "first mover" in the migration to the new Spark-based platform
Frankfurt, June 17, 2020 – SIGNAL IDUNA Bauspar AG (SIB) is the first client of BearingPoint RegTech going live with the new version 7 of Abacus360 Banking. The go-live took place on 20.05.2020. BearingPoint RegTech had rolled out the new software version in spring. It is based on the Apache Spark technology, a cluster computing framework with high market acceptance for big data projects. Apache Spark enables the processing of very high data volumes and has good vertical and horizontal scaling possibilities.
SIB has been a client of BearingPoint RegTech since 2015 and initially used ABACUS/DaVinci, then Abacus360 Version 6 from 2017. From the beginning, SIB was a Managed Services client, i.e. hosting, support and provision of the production and test environments as well as software updates and parameterizations were outsourced to BearingPoint RegTech.
In the course of the migration to Abacus360 Version 7, SIB also opted for the test automation tool ABACUS/Testing to accelerate business tests.
We chose Abacus and BearingPoint RegTech's Managed Services offering at the time to reduce our regulatory reporting efforts. From the very beginning we had a trustful cooperation at peer level - both with the Managed Service Team and with the consultant on site. The migration to Abacus360 Version 7 was excellent teamwork, and we are pleased that we were able to go live via remote work despite COVID-19.
Andreas Surm, Head of Corporate Accounting, SIGNAL IDUNA Bauspar AG
The go-live of SIB is an important milestone in many respects: SIB is the first client to be productive on the Spark platform with the new software generation Abacus360 version 7. In addition, SIB is using our Managed Services offering – a business area that is increasingly attracting demand. And last but not least, the cooperation with SIB is an example of the partnership approach we take with our clients.
Jürgen Lux, CEO, BearingPoint RegTech
We are proud that we have managed to go live in this relatively short time. SIB has helped us a lot as a first mover to identify and correct errors, which will ultimately benefit all our clients who are currently in the migration process.
Ulrich Becht, Product Manager Abacus360 Banking at BearingPoint RegTech
Abacus360 Banking is an established standard software for national and international regulatory reporting, statistical and granular reporting and ad-hoc reporting. BearingPoint RegTech developed the software a few years ago against the backdrop of regulatory and technological trends in recent years to make reporting processes more efficient.
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