Swiss private banking group Julius Baer has chosen AxiomSL's strategic platform to automate its group-level and Swiss entity Basel III calculations and reporting, as well as its group-level and Swiss entity statistical reporting.
This expands on Julius Baer's ongoing use of AxiomSL for financial reporting in Hong Kong and Singapore.
As part of the new agreement, Julius Baer will use AxiomSL to calculate and report its group-level and Swiss entity Basel III liquidity and capital requirements to the Swiss National Bank (SNB) and Swiss Financial Market Supervisory Authority (FINMA). The calculations and reports include liquidity risk (LCR and NSFR), credit risk, market risk, large exposures, capital adequacy and others.
Julius Baer will also leverage the AxiomSL platform for its group-level and Swiss entity statistical reporting to the SNB. It is considering extending its use of AxiomSL to cover transactional reporting (EMIR and FinfraG) and cross-border tax reporting (FATCA, 'UK FATCA' and AEOI/CRS).
AxiomSL provides a single platform that can be used for all regulatory calculation and reporting requirements globally. The platform offers unparalleled transparency, including the ability to drill down from regulatory reports to calculations and source data. In the case of Basel III calculations, users can see how the regulator's rule book has been applied. AxiomSL continually monitors changes to regulations and makes the necessary upgrades to the reporting templates it provides.
Julius Baer was particularly attracted to AxiomSL by the flexibility of its platform, which enables clients to upload data in any format, enrich it and validate it, and make any manual adjustments they require. AxiomSL's high-performance capabilities were also an important consideration. AxiomSL's platform, which is used by the world's largest private, retail and investment banks, can scale to accommodate any volumes of data required by clients.
"Group-level reporting involves significant data volumes and requires a solution with robust processing capabilities. We were impressed by AxiomSL's high-performance platform, including the flexibility and transparency it offers users," says Urs Monstein, Chief Information Officer, Julius Baer. "The fact that all of AxiomSL's solutions are fully supported and the fact that AxiomSL updates its reporting templates when regulations change will also greatly lower the cost and complexity of compliance."
"We are delighted to have been selected by Julius Baer for their group-level and Swiss entity reporting. This deal confirms our leading position in the Swiss market, where we now serve the top three banks. We expect further growth throughout continental Europe in 2015, as demand for regulatory, capital and tax reporting solutions increases," says Ed Royan, Chief Operating Officer EMEA, AxiomSL. "The regulatory landscape across the continent is undergoing unprecedented change. Our solutions minimise the impact of these changes on financial institutions of all types and sizes, enabling them to focus on what they do best: managing the investments of their clients."