Dutch public sector lender BNG Bank has chosen BearingPoint’s ABACUS/Transactions as a Regulatory-as-a-Service (RaaS) solution to comply with various reporting standards.
The new solution will be used to meet reporting requirements under the revised Markets in Financial Instrument Directive (MiFID II) and the accompanying Markets in Financial Instruments Regulation (MiFIR). The two regulations are scheduled to be effective from next year.
The solution will also be used for complying with the ECB regulation concerning Money Markets Statistical Reporting (MMSR), the revised European Market Infrastructure Regulation (EMIR II), as well as for Securities Financing Transactions Regulation (SFTR) reporting.
The vendor said that the standardised solution will help the bank support rapid deployment as well as mitigate risks.
BNG Bank head of IT Martin Kuijper said: “We opted for ABACUS/Transactions as we could minimize the IT development and deployment effort with a Regulatory-as-a Service set-up, yet use a standardized reporting solution. Functional benefits were important in our decision for ABACUS/Transactions.”