ABLV Bank, the Latvia-based private bank, has chosen Wolters Kluwer’s OneSumX to provide its regulatory reporting software for both its Latvian headquarters and its Luxembourg-based subsidiary, including European Banking Authority reporting obligations.

OneSumX provides an ecosystem of complementary and comprehensive solutions and services to manage the intersection of governance, finance, riskand compliance. Increasing organizational efficiency, adaptability and growth capacity. 

The bank has specifically signed up to use Wolters Kluwer’s OneSumX Regulatory Reporting, including the firm’s Regulatory Update Service. This unique service is maintained by Wolters Kluwer experts who actively monitor regulation in approximately 50 countries, helping to ensure the solution is current at all times. OneSumX Regulatory Reporting uses a single source of data to ensure consistency, reconciliation and accuracy. 

“ABLV Bank Luxembourg is a newly established bank that will break even this year after three years of activity. It works hard to satisfy its clients needs while ensuring all our regulatory obligations are managed comprehensively and in a timely way in a period of frenetic increase of the regulatory burden. As a result it’s clear that we require a market leading technology provider to aid us in these ongoing efforts. We look forward to continuing to work with Wolters Kluwer,” says Benoît Wtterwulghe, Chief Executive Officer at ABLV Bank Luxembourg.

“Private banks, more than ever before, are under pressure to submit an ever increasing range of information to regulators,” notes Kris Van Bavel, managing director, EMEA, Finance, Risk and Reporting, for Wolters Kluwer. “Our deep understanding of the markets, through our large installed base in Luxembourg and the rest of Europe, not to mention our content rich offering, allows us to provide clients such as ABLV Bank with a comprehensive regulatory reporting solution. We very much look forward to continuing to work with ABLV.”

Other banks that have recently signed up to use OneSumX include BGFI, Banco Santander, Taiwan Business Bank, Bank BGŻ BNP Paribas andSberbank.