Triodos Bank selects ABACUS Regulatory-as-a-Service for XBRL and DNB supervisory reporting
Triodos Bank, Dutch market leader in sustainable banking, chooses ABACUS/DaVinci to provide a sustainable solution for Regulatory-as-a-Service (RaaS), including a rapid and low-risk implementation for XBRL reporting
With ABACUS/DaVinci RaaS, Triodos Bank will replace an existing reporting solution operated on site, striving to streamline the regulatory reporting process and minimize the risk of non-availability and business continuity issues.
Alexander Wingelaar, Director Finance at Triodos Bank, explained: "We opted for ABACUS/DaVinci as BearingPoint rapidly built confidence with the Triodos Bank team as a trusted partner for Regulatory-as-a-Service. The widely used XBRL reporting layer was successfully demonstrated based on our current e-Line XML input data. We will benefit from the proven XBRL and other output validations. Furthermore, ABACUS/DaVinci provides scalability for our future supervisory reporting requirements, with a well-defined roadmap and regulatory maintenance by BearingPoint."
Maciej Piechocki, Partner at BearingPoint, commented: "Triodos Bank is an important client for BearingPoint from two perspectives: it is another milestone of our international growth strategy with an important customer in the Netherlands; and it shows our competitive advantage by providing consulting, RegTech solutions and managed services from one source."
"We are pleased that Triodos Bank benefits from a minimal workload with use of BearingPoint's hosted Software-as-a-Service infrastructure. The proximity of BearingPoint to the regulatory authorities allows us to provide the Regulatory-as-a-Service so that Triodos Bank complies with the latest regulatory reporting requirements," said Evert Arbman, Director at BearingPoint Netherlands.
ABACUS/DaVinci, part of BearingPoint's proven Abacus Solution Suite, is a market-leading, off-the-shelf strategic risk aggregation and regulatory reporting platform, developed over 20 years alongside the introduction of Basel I to III. ABACUS/DaVinci covers the requirements of CRD IV / CRR I and EBA ITS on Reporting (CoRep, FinRep, etc.), but also statistical and granular reporting in multiple jurisdictions and enables financial institutions to comply with regulatory requirements in an efficient manner. Renowned financial institutions, representing more than 800 reporting entities, trust on ABACUS/DaVinci. These institutions make up a major part of the 120 most important European Banks under supervision of the SSM.
About the Abacus Solution Suite
With the Abacus Solution Suite, BearingPoint offers banks, insurers, financial services providers, central banks, and supervisory authorities, innovative Regulatory Technology (RegTech) along the regulatory value chain. Over 240 customers, from approximately 1900 domestic and foreign reporting entities, trust the Abacus Solution Suite products. BearingPoint provides unrivalled experience and a unique product and service offering in the area of regulation, ranging from consulting to managed end-to-end services, from proprietary specialist reporting software to ongoing training solutions.
For more information, please visit: www.abacus-solution-suite.com.
About Triodos Bank
Founded in 1980, Triodos Bank has become a reference point for sustainable banking globally. Triodos Bank is an independent bank that promotes sustainable and transparent banking. It does not see any conflict between a focus on people and the planet and a good financial return. Instead, it believes that they reinforce each other in the long-term.
Triodos Bank has branches in the Netherlands, Belgium, the UK, Spain, Germany and an agency in France. It is a global authority in the field of microfinance in developing countries, Central Asia and Eastern Europe.
Triodos Bank co-founded the Global Alliance for Banking on Values, a network of 28 sustainable banks. Together these banks want to grow sustainable banking and its impact substantially.
Triodos Bank N.V. has a full banking licence and is registered with The Nederlandsche Bank N.V. (the Dutch central bank) and The Netherlands Authority for the Financial Markets.
Most recent company information is available on Triodos Bank's website: www.triodos.com
BearingPoint consultants understand that the world of business changes constantly and that the resulting complexities demand intelligent and adaptive solutions. Our clients, whether in commercial or financial industries or in government, experience real results when they work with us. We combine industry, operational and technology skills with relevant proprietary and other assets in order to tailor solutions for each client's individual challenges. This adaptive approach is at the heart of our culture and has led to long-standing relationships with many of the world's leading companies and organizations. Our global consulting network of more than 10,000 people serves clients in over 75 countries and engages with them for measurable results and long-lasting success.