06 Nov Openbank, the digital bank of Santander Group, chooses AxiomSL’s strategic platform for regulatory compliance across the globe
LONDON, 6 Nov 2018: AxiomSL, the leading provider of regulatory reporting and risk management solutions, announces today that Openbank, the digital bank of Santander Group headquartered in Spain, has selected AxiomSL’s strategic platform to implement Central Bank, Capital, Liquidity, Trade and Transaction and AnaCredit reporting on a global level, for both European and South American countries.
Openbank’s selection of AxiomSL extends the existing relationship with Santander Group, as the Group has already implemented regulatory reporting requirements in Mexico and the US. AxiomSL’s strategic regulatory platform delivers all the necessary calculations, report templates and reporting functionality for central bank, capital and liquidity disclosures across the globe. This multi-jurisdictional capability, along with fast implementation, reduced compliance costs and end-to-end data management capabilities, are some of the key reasons Openbank has chosen AxiomSL as their strategic partner for regulatory reporting.
AxiomSL’s solutions for central bank, capital and liquidity calculations and reporting ensure that users have complete control over establishing and maintaining reporting logic. Openbank can address a range of complex requirements and simultaneously benefit from the full transparency and traceability of the process and data. AxiomSL’s platform and solutions enable Openbank not only to access the reports they have submitted to regulators, but also to drill down into the templates, logic and source data used for individual submissions.
The platform also enables clients to successfully monitor risk and eliminate errors that can occur through manual processes, whilst delivering data enrichment and data integrity throughout the entire process with increased efficiency, quicker time-to-market for additional solutions or jurisdictions, and reduced cost and complexity.
Cristobal Miralles, Chief Technology Officer & Chief Operations Officer, Openbank commented: “AxiomSL’s ability to accommodate multi-jurisdictional and multi-faceted regulatory requirements was the key factor behind our decision to select its solutions. The platform will automate the full process from data capture to reporting submission to meet our central bank, capital and liquidity compliance requirements, saving us time and resources to focus on our core business activities. We look forward to working with the team at AxiomSL.”
Ed Royan, CEO, AxiomSL EMEA commented: “We are pleased that Openbank has selected our platform for central bank, capital and liquidity compliance across
the globe. As regulatory requirements intensify, firms must adopt agile solutions to efficiently meet these highly complex demands with ease and confidence. AxiomSL offers a single platform that can be used to tackle these multiple compliance requirements globally. We look forward to a long-term partnership with Open Bank”.
About Open Bank
Openbank is the 100% digital bank of the Santander Group with more than one million customers who use the web and app to make transactions, as well as having customer service support available 24 hours a day, 7 days a week. In 2017, Openbank replaced its technology platform and significantly expanded its range of products and services. www.openbank.es/en
AxiomSL is the global leader in regulatory reporting and risk management solutions for the financial industry, including banks, broker dealers, asset managers and insurance companies. Its unique enterprise data management (EDM) platform delivers data lineage, risk aggregation, analytics, workflow automation, validation and audit functionality.
AxiomSL’s platform supports compliance with a wide range of global and local regulations, including Basel III capital and liquidity requirements, the Dodd-Frank Act, AnaCredit, FATCA, AEI (CRS), EMIR, COREP/FINREP, CCAR, FDSF, BCBS 239, Solvency II, AIFMD, IFRS 9, MAS, ASIC, REMIT, MiFID II, SFTR, central bank disclosures, and both market and credit risk management requirements. The enterprise-wide approach offered by AxiomSL enables clients to leverage their existing data and risk management infrastructure, and reduces implementation costs, time to market and complexity.
AxiomSL is dedicated to servicing clients across many of the world’s major financial centres, including New York, Madrid, São Paulo, London, Paris, Brussels, Luxembourg, Frankfurt, Amsterdam, Singapore, Beijing, Hong Kong and Tokyo. www.axiomsl.com
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