GCC Capital AB picks BearingPoint for EBA reporting requirements
Regulatory technology vendor BearingPoint has signed a deal with Swedish consumer credit and lending firm GCC Capital AB.
GCC Capital will use a portfolio of BearingPoint services for its reg reporting
GCC Capital AB is set to deploy BearingPoint’s Abacus360 Banking for its European Banking Authority (EBA) reporting requirements.
Abacus360 provides national and international prudential reporting, statistical reporting and granular reporting.
BearingPoint claims that more than 1,000 entities use the system, including “a major part of the most important European banks.”
The system will be provided to GCC Capital AB as an outsourced as-a-service solution. BearingPoint will host the software in compliance with EU outsourcing guidelines.
GCC Capital AB has also opted for a portfolio of BearingPoint offerings, including software management and professional services.
“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,” says Kawi Lam, head of treasury at GCC Capital AB.
“We required a service provider offering a solution that can easily be operated by ourselves, with reasonable infrastructural choices.”
Related: Banks’ compliance heads trapped between regulations and cutbacks
For Filip Rydman, country lead for Sweden at BearingPoint, the deal marks an expansion of the vendor’s Scandinavian position.
He adds: “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.”
BearingPoint signed a trio of deals at the tail end of 2019.
In July 2019 Volkswagen Bank switched from an in-house solution to Abacus360, and chose to outsource the supply chain of its data warehouse.
UK challenger Revolut opted for Abacus in September for its EBA and AnaCredit reporting.
Standard Chartered bank picked BearingPoint’s FiTAX solution in October in an attempt to ease the fulfilling of its Common Reporting Standard (CRS) requirements.
