Bank of China is set to utilise AxiomSL platform to fulfil AnaCredit reporting requirements in France.
AnaCredit, or analytical credit, is a project launched by European Central Bank (ECB) in 2011 to create a dataset containing detailed information on all individual bank loans in the euro region.
The deployment of AxiomSL will enable Bank of China to automate the procedure of AnaCredit reporting and enable swift submission within the stipulated time.
Additionally, it will also help the bank to maintain the cost levels costs, which tend to increase after the implementation of new regulatory requirement.
Bank of China Paris head of risk and financial management Jérôme Dion said: “We chose to extend our usage of AxiomSL’s platform because it proved to lower the overall cost and complexity of regulatory reporting for our firm.
“We have received positive feedback with the outcome of utilising the platform for regulatory reporting in Singapore, so the decision to use it for AnaCredit compliance in France came naturally.
“The platform’s ability to facilitate multi-jurisdictional reporting on a global level will also allow us to tackle any additional regulatory reporting requirements confidently. We look forward to continuing to work with the team at AxiomSL.”
The AxiomSL platform is designed to enable the user process and monitor huge volumes of data which are required to comply with the AnaCredit regulation.
The solution will utilise Bank of China’s existing data structure to procure necessary AnaCredit data from multiple systems. Subsequently, it is mapped onto the ECB data structure and fills the report templates.
Then, AxiomSL platform implements the regulatory validation rules on the data.