AxiomSL assists firms to meet AnaCredit reporting requirements
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AxiomSL assists firms to meet AnaCredit reporting requirements 20 March 2018London Reporter: Jenna Lomax
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AxiomSL has successfully assisted clients to comply with AnaCredit requirements across the Eurozone.
According to AxiomSL, over the last six months, all of AxiomSL’s clients have completed their test submissions as prescribed by various regulators.
The minimum requirements of AnaCredit or analytical credit dataset and its related security holdings statistics report are outlined by the European Central Bank (ECB).
Currently, National Central Banks (NCBs) define their own national discretions for the collection of certain data attributes as well as different test window timelines and submission formats.
AxiomSL said these nuances present challenges to banks, particularly impacting those with subsidiaries and branches across Europe.
AxiomSL’s AnaCredit compliance platform accommodates client data structures which are then mapped to a single AnaCredit data dictionary.
AxiomSL said this supports all the NCB specific threshold rules, data requirements and submission structure, ensuring firms are able to achieve governance, automation and end-to-end process while lowering cost and increasing operational efficiency.
AxiomSL’s coverage currently includes Belgium, Germany, France, Spain, Netherlands, Ireland, Italy, Greece, Finland, Luxembourg, Estonia and Malta.
Abhishek Awasthi, AxiomSL AnaCredit product manager, said: “Our method reduces cost and complexity and helps improve data quality. We have been able to address this type of cross-jurisdictional reporting challenge for years and are now seeing firms leverage AnaCredit as a catalyst to adopt a single platform for regulatory reporting.”
He added: “Regulatory solutions by country or manual processes are no longer appropriate for effective compliance with AnaCredit. As a result, we are seeing increased appetite from firms to use one solution to consolidate their multijurisdictional reporting activities across the Eurozone.”
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