GCC Capital AB selects Abacus360 Banking for regulatory reporting as a Regulatory-as-a-Service (RaaS) solution and cloud-based data management
Frankfurt/Stockholm, February 13, 2020 – BearingPoint RegTech, a leading international provider of innovative regulatory and risk technology solutions (RegTech and RiskTech), has won Stockholm-based GCC Capital AB (GCC) as a new customer for its Abacus360 Banking solution. GCC will be using Abacus360 Banking to fulfill its EBA reporting.
Abacus360 Banking is provided to GCC as a Regulatory-as-a-Service (RaaS) solution, which aims at easing both, infrastructure and reporting burden while also increasing security. In the RaaS model, BearingPoint RegTech hosts the regulatory reporting software in compliance with EU outsourcing guidelines.
In addition to RaaS, the solution for GCC also includes professional services covering the use of a cloud-based data management solution as well as the implementation of the Abacus software. The decisive aspect is the tailored cloud-based data management solution for GCC. It will be built by BearingPoint RegTech based on the Abacus data model and collects data from various source systems and files. The solution will provide GCC with a sustainable robust and modern data storage system. Cloud-based data management will also give GCC more flexibility in terms of scalability.
Our intention was to achieve better control over the regulatory reporting processes, and to be able to use the data also for analytics and other decision making. We required a service provider offering a solution that can easily be operated by ourselves, with reasonable infrastructural choices. BearingPoint RegTech has a comprehensive understanding of the end-to-end process of regulatory reporting and we are looking forward to working with them.
Kawi Lam, Head of Treasury at GCC Capital AB
We are proud of the trust that GCC has placed in us as a partner for regulatory reporting. In particular, we are pleased that GCC has opted for our entire solution portfolio consisting of software, managed services and professional services. This is also a further proof point for the quality of our managed services offering that we have been operating for more than 15 years now.
Jürgen Lux, Chief Executive Officer at BearingPoint RegTech
BearingPoint RegTech has been active in the Swedish market since 2013 and has successfully helped local financial institutions to improve the quality of regulatory reporting, ultimately contributing to the stability of the financial system. The expansion of our market position in Sweden with GCC Capital is a great success for us and we look forward to a productive, sustainable relationship with our new client.
Filip Rydman, Country Lead Sweden at BearingPoint RegTech
Abacus Banking Regulatory is a standard software for national and international prudential reporting, statistical reporting as well as granular reporting and ad-hoc reporting based on the established Abacus platform. Supervisors and central banks as well as financial institutions representing around 3,000 reporting entities, among them a major part of the most important European banks under supervision of the SSM (Single Supervisory Mechanism), special institutions, insurers, and financial providers use Abacus.
GCC Capital AB is an entrepreneurial, privately owned credit market company with a government deposit guarantee headquartered in Stockholm and operating mostly in Sweden and Finland. Since foundation in 1953, GCC Capital has been an independent and expansive player that primarily finances investments for small and medium-sized growth companies. GCC offers financing through leasing and other credits for example financing of small aircraft, helicopters and various types of property loans. GCC also operates under the Balanzia brand, offering consumer loans and small business credits.
BearingPoint is an independent management and technology consultancy with European roots and a global reach. The company operates in three business units: The first unit covers the advisory business with a clear focus on five key areas to drive growth across all regions. The second unit provides IP-driven managed services beyond SaaS and offers business critical services to its clients supporting their business success. The third unit provides the software for successful digital transformation and regulatory requirements. It is also designed to explore innovative business models with clients and partners by driving the financing and development of start-ups and leveraging ecosystems. 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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