Source: Wolters Kluwer
MUFG Europe, the European subsidiary of Japan’s Mitsubishi UFJ Group, has chosen Wolters Kluwer’s OneSumX software to manage a number of regulatory and risk reporting obligations for its Dutch and German business lines, including AnaCredit and Interest Rate Risk in The Banking Book (IRRBB).
The bank is an existing user of OneSumX for Regulatory Reporting, which uses a single source of data to ensure consistency, reconciliation and accuracy and includes Wolters Kluwer’s Regulatory Update Service. This unique service is maintained by Wolters Kluwer experts who actively monitor regulation in approximately 30 countries.
MUFG will now also use Wolters Kluwer’s OneSumX AnaCredit solution. This integrated and scalable solution uses grid and in-memory computing to handle the large data volumes required for AnaCredit, by the extensive regulation. This enables faster processing time and a more flexible operational environment for end users. AnaCredit is the European Central Bank project to set up a dataset containing detailed information on individual bank loans in the euro area, harmonized across all member states.
“New requirements under AnaCredit and IRRBB are changing the frequency on which we report,” commented Sander van der Laan, Executive Director and Head of MUFG Europe’s Risk Management Division. “As an existing customer of Wolters Kluwer, we were already aware of the benefits of its leading technology and it was a natural choice to extend our use of OneSumX to provide a suitably robust infrastructure for managing our obligations.”