Bahrain Middle East Bank chooses Wolters Kluwer’s OneSumX for Finance
Bahrain Middle East Bank (BMB) has selected Wolters Kluwer’s OneSumX for Finance solution to provide the basis for its core banking and reporting system.
Wolters Kluwer says the solution supports financial institutions in their planning, budgeting and forecasting through simulations and analytics.
BMB has “handpicked” the OneSumX Subledger Accounting solution. Its functionality includes accounting data and support for multiple entities, currencies and Generally Accepted Accounting Principles (GAAPs).
Gaurav Baid, BMB’s chief financial officer, says it has “embarked on an exercise to transform its core banking and reporting system” and the solution will help with regulatory compliance and “reporting to all constituents of our business”.
The bank will use Advanced Financial Solutions for the implementation. A subsidiary of Midis Group, it provides software solutions and consulting services for financial institutions in the Middle East, North Africa and Turkey.
Recently, in a fintech analysis piece, Dries Verboven, Americas market manager of regulatory reporting for Wolters Kluwer’s finance, risk and reporting business, examined how automation and the right approach to technology can provide firms with some much needed help.
