Bank of China chooses Wolters Kluwer
FinanceJune 05, 2020

Wolters Kluwer updates OneSumX for regulatory reporting to meet Second-Generation People’s Bank of China Enterprise Credit Reference Submission

Signs ING in China.

Wolters Kluwer’s Finance, Risk & Reporting (FRR) business has released an update for  its OneSumX for Regulatory Reporting solution to allow clients to meet the Second-Generation People’s Bank of China Enterprise Credit Reference Submission.

OneSumX for Regulatory Reporting combines bank data into a single source of data to ensure consistency, reconciliation and accuracy and includes Wolters Kluwer’s Regulatory Update Service. This unique service is maintained by Wolters Kluwer experts who actively monitor regulation in 30 countries.

ING’s China business has chosen OneSumX for Regulatory Reporting to manage the Second-Generation People’s Bank of China Enterprise Credit Reference Submission. This is in addition to the 400 regulatory reports that ING currently accesses by its ongoing use of the OneSumX Regulatory Reporting solution across its two branches in the country.

“We are delighted to be working with ING on this important project around the Second-Generation People’s Bank of China Enterprise Credit Reference Submission for the bank’s Chinese operations,” said Rainer Fuchsluger, Managing Director of Wolters Kluwer FRR in APAC. “Regulatory reporting is key for all banks now more than ever. Our experts are on hand to provide all important access to our award-winning software in China and across the APAC region and we look forward to working with ING on this implementation.”

Wolters Kluwer FRR, which is part of the company’s Governance, Risk & Compliance division, is a global market leader in the provision of integrated regulatory compliance and reporting solutions. It supports regulated financial institutions in meeting their obligations to external regulators and their own board of directors. 

Wolters Kluwer FRR receives frequent independent recognition of its excellence and innovation, celebrating a record year for award wins in 2019. Risk magazine awarded the company its coveted Regulatory Reporting System of The Year Award for the second year running and Waters Technology has named the company the Best Market Risk Solution Provider in its annual Technology Rankings. Wolters Kluwer FRR is also the #1 provider in both Regulatory Reporting and Liquidity Risk according to the RiskTech100, as compiled by Chartis Research.

About ING

ING is a global financial institution with a strong European base, with 53,000 employees providing retail and wholesale banking services to customers in more than 40 countries. ING started its banking operations in China in 1990. Its Beijing and Shanghai branches are primarily active in lending, financial markets and corporate finance in China, providing renminbi and foreign currency debt financing, trade and commodity finance as well as merger and acquisition advisory services to both local and international companies and institutions.

About Wolters kluwer

Wolters Kluwer (WKL) is a global leader in professional information, software solutions, and services for the health, tax & accounting, governance, risk & compliance, and legal & regulatory sectors. We help our customers make critical decisions every day by providing expert solutions that combine deep domain knowledge with specialized technology and services.