Revolut extends partnership with BearingPoint RegTech for UK expansion
Financial technology company Revolut is extending its partnership with BearingPoint RegTech by broadening the use of the Abacus360 Banking solution as it faces new regulatory requirements after opening a bank in the United Kingdom.
Revolut already relies on the innovative regulatory reporting solution by BearingPoint RegTech since September 2019, when it selected Abacus360 Banking with a Managed Services offering for EBA (European Banking Authority) and AnaCredit reporting. In total, three additional modules (UK Statistical Reporting Module, EBA Solo Reporting Modules and EBA Consolidated Modules) are now being added to the solution to meet the requirements imposed by UK regulators with regards to PRA (Prudential Regulation Authority), EBA and BoE (Bank of England) statistical reporting. Since Revolut already uses Abacus360 Banking via Managed Services, there is no need to implement new software. Instead, reports can easily be added to the software and services that are already in place.
“For us, the key strengths of Abacus360 Banking are the smooth reporting process and the ability to respond quickly and easily to our regulatory requirements. In addition, the software makes an important contribution towards streamlined and standardised reporting processes and therefore makes reporting processes more efficient. This is the reason why we chose BearingPoint RegTech as our preferred partner for going forward,” explains Joel Kass, Head of Bank Strategy and Development at Revolut.
“We are pleased that we were able to convince Revolut with our software and services and that we now accompany their entry into the UK market as a bank. Our solution will cater for both national and international prudential reporting as well as statistical reporting, covering the scope Revolut requires in the UK. We are very much looking forward to an even more intensive partnership," adds Bodo Windmöller, Senior Vice President Product Management at BearingPoint RegTech.
Abacus360 Banking is a standard software for national and international prudential reporting, statistical reporting as well as granular reporting (AnaCredit) and ad-hoc reporting. Renowned financial institutions representing more than 1,000 reporting entities use our reporting solutions for their regulatory reporting, among them a major part of the most important European banks under direct SSM supervision, insurers, and financial service providers