Wolters Kluwer Financial Services reports that Banco Santander has chosen its OneSumX Regulatory Reporting solution for its Australia operations to ensure accurate and timely reporting to the local regulator, the Australian Prudential Regulation Authority (APRA).
“The solution truly matched our requirements,” said Simon Barker, financial controller, at Banco Santander in Sydney. “The scalable solution and global capabilities of Wolters Kluwer Financial Services combined with a supporting team on the ground in Australia, were some of the most important reasons why we chose to opt for the solution.”
Banco Santander adds that it also chose the solution due to OneSumX’s ability to hold ‘Source of Truth’ data from many sources with full transparency, auditability and control of numbers right through to the regulator.
Wolters Kluwer says that OneSumX’s financial data architecture will enable data consolidation for Banco Santander, while the APRA reporting automation tool will facilitate compliance with APRA regulatory reporting requirements covering foreign Authorised Deposit-taking Institution (ADI) reports.
Wolters Kluwer Financial Services’ unique Regulatory Update Service offering, part of the Regulatory Reporting solution, will help the bank ensure continued compliance with the latest regulatory standards as they develop. This service is maintained by experts who actively monitor regulation in approximately 50 countries globally, to ensure the solution is up-to-date.