Wolters Kluwer’s Finance, Risk & Reporting (FRR) business has launched a software-as-a-service (SaaS) Regulatory Reporting solution. This marks the first time that the company’s OneSumX regulatory software has been made available on the cloud, thereby aligning with the cloud technology strategies the company’s customers are adopting, providing predictability of cost and lower total costs of ownership. At the same time Wolters Kluwer FRR is also unveiling a major upgrade to its OneSumX Regulatory Engine, which will be rolled out for on-premise installations of OneSumX for Regulatory Reporting, and immediately available in the new SaaS offering for clients across Europe and Asia Pacific. The new Regulatory Engine will be characterized by its enhanced performance and better user experience, in terms of speed, automation and scalability.
Wolters Kluwer’s SaaS solution offers the same functionality as the company’s on-premise product, based on the upgraded OneSumX Regulatory Engine technology platform. The SaaS solution, like the OneSumX for Regulatory Reporting on-premise solution, combines bank data into a single source of data to ensure consistency, ease of reconciliation and accuracy. It includes access to the company’s unique Regulatory Update Service which is maintained by Wolters Kluwer experts who actively monitor regulation in 30 countries, factoring the potential impact of future changes into the OneSumX portfolio and ensuring clients’ ongoing compliance. As well as ensuring predictability of cost, the SaaS offering is a secure platform which provides flexibility of infrastructure for banks undergoing growth.
As part of the SaaS launch, Wolters Kluwer FRR has partnered with Microsoft Azure to deliver premium and secure hosting services to its clients, with full platform management service by Wolters Kluwer FRR along with ongoing software upgrades, testing and fixes deployment services.
The Regulatory Engine upgrade, immediately available through the SaaS offering, will be rolled out for on-premise installations to be the common platform of the OneSumX for Regulatory Reporting solution. It will natively integrate with an enhanced data management layer to deliver full data lineage as well as integration with Wolters Kluwer’s OneSumX for Finance and OneSumX for Risk solutions. The upgraded platform enables clients to capture source data into regulatory defined reports and run validation, adjustments and auditing before submitting data to regulators.
“Putting our customers’ needs consistently at the heart of our business means listening and innovating,” commented Claudio Salinardi, Executive Vice President & General Manager of Wolters Kluwer FRR. “Our Regulatory Engine upgrade is a milestone in meeting our clients’ evolving demands in the world of exponentially increasing regulatory requirements, together with enhanced risk management practices. And, with the launch of our regulatory solutions via SaaS, we are continuing the long tradition within Wolters Kluwer as a whole of providing options for cloud or on site services. This is an exciting time for our clients who now, more than ever, have access to truly market leading capabilities.”
Wolters Kluwer FRR, which is part of Wolters Kluwer’s Governance, Risk & Compliance division, is a global market leader in the provision of integrated regulatory compliance and reporting solutions, supporting regulated financial institutions in meeting their obligations to external regulators and their own boards of directors.
Wolters Kluwer FRR receives frequent independent recognition of its excellence and innovation. Last month Risk magazine awarded the company its coveted Regulatory Reporting System of The Year Award for the second year running and Central Banking magazine has named OneSumX for Regulatory Reporting its Best Technology Solution For Regulatory Compliance. Wolters Kluwer FRR is also this year’s Category Winner for Regulatory Reporting in the annual RiskTech100® report. This comprehensive study of the world’s leading risk and compliance technology companies is compiled by Chartis Research. Notably, this is the seventh time in eight years that Wolters Kluwer FRR has achieved this honor. Chartis Research has also named the firm a Category Leader in both its IFRS 9 Technology Solutions Report and CECL Report.