New solution for China reporting requirements 13 January 2016London Reporter: Stephanie Palmer
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Wolters Kluwer Financial Services has released a new solution allowing financial institutions that operate in China to comply with the China Enterprise Credit System (ECS) reporting standards set by the People’s Bank of China (PBOC).
The Enterprise Credit Solution gathers commercial and corporate banking data directly from a bank’s core systems and creates forms that include the appropriate regulatory data.
Once this data is confirmed, the software creates files in the correct format for submitting reports to PBOC.
The software was developed after the new requirements were announced in 2015. The new rules meant that banks had to address their rules for cross-market credit regulation and improve their own platform functions, while also extending their credit reporting systems.
Chris Puype, managing director for the Asia Pacific region at Wolters Kluwer Financial Services, said: “This solution reinforces Wolters Kluwer Financial Services’ commitment to the fast-developing Chinese market and we are excited to offer our growing range of clients active support of PBOC regulatory reporting.”
According to Wolters Kluwer, the Enterprise Credit Solution process can also help banks to get a broader view of their finances and to improve their credit risk management.
Ethan Feng, a China banking regulatory intelligence expert at Wolters Kluwer Financial Services, said: “Enterprise information obtained through ECS can help reduce information asymmetry between the bank and enterprise as much as possible and assist banks in their credit risk assessment so as to improve their risk management systems.”
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