Bearingpoint’s Regtech Solutions Open Up Lithuanian Marketby Fintechnews Baltic May 27, 2018
BearingPoint’s RegTech platform Abacus has been taken up by Citadele Bank Lithuania. With the Lithuanian commercial bank, the international management and technology consultancy BearingPoint adds a new country to its global footprint.
Citadele Bank decided for BearingPoint’s tried and tested platform Abacus360 Banking to meet the European Central Bank’s (ECB) growing requirements on AnaCredit (Analytical Credit Datasets) reporting.
As part of AnaCredit, roughly 100 data attributes are required to be reported. Local Lithuanian attributes are currently developed and integrated by BearingPoint to meet local AnaCredit requirements.
Over the past two decades, regulation has expanded on multiple fronts and will continue to do so in 2018 and beyond. So far, Citadele Bank – with branch offices and Customer Service Centers in all major cities in Lithuania – was using a solution from a local vendor for regulatory reporting.
“For the complex European AnaCredit reporting, calling for the gradual establishment of the harmonized collection of granular credit and credit risk data, we were looking for a new vendor and screened the market for providers”,
explained Justė Karaliūtė, Head of Regulatory Reporting from Citadele Bank Lithuania.
“Abacus doesn’t just meet the needs of our bank’s organization today”,
“it pushes further to anticipate future trends in regulation by integrating comprehensive functionality for reporting, risk calculations and controlling regulatory KPIs onto one single, scalable platform that can be tailored according to our local attributes,”
“We are proud that one of Lithuania’s commercial banks has opted for Abacus360 Banking”,
emphasizes Dr. Maciej Piechocki, Chief Sales Officer BearingPoint RegTech. “Citadele Bank”, he adds,
“represents the market entry for BearingPoint’s RegTech solutions in commercial banking in Lithuania. With our strong commitment to the Baltic region, we continue to drive our global growth strategy”.
For banks IT department’s the expanding supervisory requirements pose a great challenge and have proven to be a cost driver. IT infrastructure and processes have to be optimized in order to quickly and reliably facilitate the delivery of the required data in its mandated quality and granularity. The project implementation is a joint project from BearingPoint and the local company Alna Software.
Valdas Šimas, CEO Alna Software, said:
“We are obviously delighted to collaborate with Citadele Bank on the data sourcing and integration of the Abacus360 Banking solution in the existing software environment.
Alna will endeavor that we live up to our goal of delivering a seamless, fully interoperable solution and that Citadele Bank will soon be able to do the ‘reporting at the push of a button’.”
Featured image via Pixabay