BearingPoint RegTech wins contract with GCC Capital
BearingPoint RegTech, a leading international provider of innovative regulatory and risk technology solutions (RegTech and RiskTech), has won Stockholm-based GCC Capital AB (GCC) as a new customer for its Abacus360 Banking solution.
GCC will be using Abacus360 Banking to fulfill its EBA reporting. Abacus360 Banking is provided to GCC as a Regulatory-as-a-Service (RaaS) solution, which aims at easing both, infrastructure and reporting burden while also increasing security. In the RaaS model, BearingPoint RegTech hosts the regulatory reporting software in compliance with EU outsourcing guidelines. In addition to RaaS, the solution for GCC also includes professional services covering the use of a cloud-based data management solution as well as the implementation of the Abacus software. The decisive aspect is the tailored cloud-based data management solution for GCC. It will be built by BearingPoint RegTech based on the Abacus data model and collects data from various source systems and files. The solution will provide GCC with a sustainable robust and modern data storage system. Cloud-based data management will also give GCC more flexibility in terms of scalability. “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. We required a service provider offering a solution that can easily be operated by ourselves, with reasonable infrastructural choices. BearingPoint RegTech has a comprehensive understanding of the end-to-end process of regulatory reporting and we are looking forward to working with them,” comments Kawi Lam, Head of Treasury at GCC Capital AB. “We are proud of the trust that GCC has placed in us as a partner for regulatory reporting. In particular, we are pleased that GCC has opted for our entire solution portfolio consisting of software, managed services and professional services. This is also a further proof point for the quality of our managed services offering that we have been operating for more than 15 years now,” says Jürgen Lux, Chief Executive Officer at BearingPoint RegTech. “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. The expansion of our market position in Sweden with GCC Capital is a great success for us and we look forward to a productive, sustainable relationship with our new client,” adds Filip Rydman, Country Lead Sweden at BearingPoint RegTech. Abacus Banking Regulatory is a standard software for national and international prudential reporting, statistical reporting as well as granular reporting and ad-hoc reporting based on the established Abacus platform. Supervisors and central banks as well as financial institutions representing around 3,000 reporting entities, among them a major part of the most important European banks under supervision of the SSM (Single Supervisory Mechanism), special institutions, insurers, and financial providers use Abacus.