State Bank of India (SBI) Paris has selected Wolters Kluwer Financial Services’ OneSumX Regulatory Reporting solution to enhance regulatory compliance for its activities in France.
The OneSumX solution will replace the bank’s existing solutions to produce reports for bodies including the French Prudential Supervisory Authority and the European Banking Authority.
The solution uses a single source of data to facilitate consistency, reconciliation and accuracy. It has been designed to enable financial service providers reconcile reporting needs required to allow alignment between finance and risk reports, for internal as well as external use for regulators, Wolters Kluwer said in a statement.
SBI Paris opted for the solution due to the Regulatory Update Service offering, which provides access to up-to-date information on regulatory needs. The service is maintained by experts who actively monitor regulation in about 50 countries.
SBI Paris CEO Subodh Kumar said: "State Bank of India already has experience of using Wolters Kluwer Financial Services for its regulatory reporting needs in multiple locations.
"And following the selection process in France it was apparent that OneSumX would be an excellent choice as an automated solution that can interface with our core banking platform, producing reports for the ACPR and EBA. Likewise, the bank will benefit from the audit trail functionalities offered through OneSumX."
The bank already uses Wolters Kluwer Financial Services for its regulatory reporting requirements in other countries such as Belgium, South Africa and Singapore.