Hong Kong’s first virtual bank ZA Bank has selected Wolters Kluwer’s OneSumX suite as its regulatory reporting and compliance software.
The OneSumX suite comprises of different solutions that help financial institutions meet their regulatory reporting and compliance obligations.
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The suite includes OneSumX for Compliance Program Management, OneSumX for Finance, OneSumX for Regulatory Reporting and OneSumX for Risk Management.
The OneSumX for Regulatory Reporting solution will help ZA Bank in meeting the ever-changing regulatory requirements.
OneSumX for Regulatory Reporting
The solution, which includes Wolters Kluwer’s Regulatory Update Service (RUS), reconciles bank data into a single source to ensure consistency and accuracy while reporting.
The RUS is managed and monitored by Wolters Kluwer’s experts across 30 countries globally.
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By GlobalDataThe technology vendor claims that its solution offers extensive functional coverage and scalability.
OneSumX for Regulatory Reporting covers financial, prudential, transactional, statistical, granular, and multi-dimensional reporting.
Wolters Kluwer finance, risk & reporting in APAC managing director Rainer Fuchsluger said: “The extensive implementation experience of Wolters Kluwer’s experts provides the nimbleness ZA Bank requires.
“Outsourcing key technology to third parties such as Wolters Kluwer allows innovative banks like ZA Bank to focus on providing customers with exceptional service.
“Regulators tend to update their requirements frequently so, on a global level many virtual banks are turning to us to help them tackle these requirements effectively.”
ZA Bank has chosen the ‘OneSumX for Regulatory Reporting’ solution as part of its major implementation project.
ZA Bank, which is established by ZA International, is a licensed bank regulated by the Hong Kong Monetary Authority.
ZA Bank CEO Rockson Hsu said: “While ZA Bank boasts its cost-effective business model and agile product innovation approach as a challenger to the banking industry, we strictly comply with the local regulations as a licensed bank in Hong Kong.”
