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AxiomSL solution goes live at European operations of mystery US bank

AxiomSL has announced that a major US bank has gone live with its solution to adhere to regulatory demands in the UK, Ireland and the Netherlands.

The bank selected AxiomSL’s platform to deliver a ten-country roll-out of local Common Reporting Framework (COREP), Financial Reporting Framework (FINREP), local central bank and AnaCredit reporting.

According to the vendor, the implementation started with capital calculations and COREP and focused on the bank’s subsidiaries in the UK and Ireland which was “delivered to plan”. This was followed by FINREP and local central bank reporting in the UK and Ireland as well as their branch in the Netherlands and was “delivered on schedule”.

AxiomSL claims that the implementation was fast, efficient and cost-effective due to its use of a single platform that can be used “for all regulatory calculations and reporting requirements.

“In a constantly-evolving regulatory environment, global banks are seeing a greater need for integrated solutions to tackle the complex compliance demands,” Abhishek Awasthi, product manager for EMEA at AxiomSL.

“AxiomSL’s robust multijurisdictional strategic platform addresses regulatory requirements on a local, regional and global level. We are proud to empower our clients to successfully go-live in a timely, efficient and cost-effective manner, yielding tremendous resource savings that can be allocated to core business activities.”

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