Regulatory Reporting of OneSumX is believed to combine bank data into a single source of data to boost accuracy, reconciliation and consistency.
Vizor Software and Finance, Risk and Reporting (FRR) business of Wolters Kluwer’s have inked a partnership agreement for the Singapore market. Apparently the tie-up aims to boost the quality of regulatory reporting and reduce effort and time needed in regulatory compliance.
According to reports, OneSumX for Regulatory Reporting of Wolters Kluwer and Vizor Reporting API would automatically consume published machine-readable regulatory rules and data models directly from regulatory system of Singapore.
It is worth mentioning that OneSumX for Regulatory Reporting is believed to integrate these specifications into its Financial Institutions (FI) template solutions. The innate alignment between the financial institution systems and the regulator will expedite a high-quality and on-time submission of regulatory reports. Many believe this will help reduce the effort and cost linked with the change of or new reporting needs.
Regulatory Reporting of OneSumX is believed to combine bank data into a single source of data to boost accuracy, reconciliation and consistency. Apparently, it incorporates access to unique regulatory update service of Wolters Kluwer believed to be maintained by its experts who keep a check on regulation in 30 countries.
CEO of Vizor Software Conor Crowley claimed that the world is yet to see the presence of global standardization needed for full, cross-border automation. He noted that regulators who have been using their platform are defining data requests and rules in a standardized and open format. That said, he cautioned that surged volume of data request stemming from the regulator may introduce problems, provided FI systems need modification to respond.
Vizor Software is said to help regulators to make rules and clear data models publicly available in both human-readable and machine format to all vendors and reporting FIs.