IBS Journal June 2015


Who’s bought what? WHO? CCB Asia WHAT? OneSumX from Wolters Kluwer Financial Services


CCB Asia, the Hong Kong-based subsidi- ary of China Construction Bank, is imple- menting a new regulatory reporting solu- tion. The system of choice is OneSumX for Regulatory Reporting, supplied by Wolters Kluwer Financial Services. It will replace manual operations of the bank that ‘dra- matically increase the potential for inaccu-


for Wolters Kluwer Financial Services. The contract was signed earlier this year and the expected completion date is before the year-end. ‘Our team is currently on site with CCB Asia conducting data mapping exer- cises,’ he says. No third parties are involved in the implementation. Stewart feels that working directly with the bank will ‘ensure a smooth integration’. OneSumX will enable CCB Asia to


maintain a single source for data across


by ensuring consistency and accuracy in the management of regulatory informa- tion,’ Stewart states. ‘All banks are experi- encing increased regulatory scrutiny,’ he


feels, which adds to the pressure to be able


internal use and externally for regulators. CCB Asia is a new customer for Wolters


Kluwer and the two parties were ‘in dis- cussion regarding reporting requirements for some time’. Hong Kong’s adoption of Basel III requirements provided an impetus for change at CCB Asia, he says, and ‘One- SumX will help CCB Asia to fully automate its HKMA [Hong Kong Monetary Authority] reporting, while ensuring compliance with new capital adequacy requirements and liquidity coverage ratios under Basel III’. He muses that the vendor’s ‘deep industry and subject matter expertise’, combined with its long-standing presence in Hong Kong, technology and support, helped to secure the deal with CCB Asia in a competitive selection process. ‘The main challenges will be to man- age the scale and complexity of the imple-


wide array of commercial and retail prod- ucts and services across 47 branches. Data from across the entity needs to be mapped


WHAT? Temenos’ T24 core banking system


Grenadines, has reached a decision on new banking software. The bank has signed for Temenos’ T24 core banking system, including the AML component, provided on a Software-as-a-Service (SaaS) basis. It will be hosted in Microsoft’s Azure Europe environment. The deal was won against Temenos’ frequent contestant in the private banking software space, ERI, and its Olympic core system.


- nado omnichannel platform from a small UK developer, Ubiquiem. Tornado was pre-


and document management suite for T24. The implementation will be carried out by Temenos’ integration partner, Sofgen.


4000 customers, who between them run a total of 10,000 accounts.


and migrated to the OneSumX solution, which can be a lengthy process.’ HKMA expects all authorised institu- tions in Hong Kong to implement Basel III in accordance with the timeline set by the Basel Committee on Banking Supervision (BCBS): from 1st January 2013, in phases, with full implementation by 1st January 2019.


What is OneSumX?


OneSumX (previously Summix) is a platform that incorporates the vendor’s two main acquisitions in the risk management soft- ware space: FRSGlobal and Financial Archi- tects (FinArch). Both were Belgium-based companies, the former was known for its RegPro and RiskPro solutions, and the lat-


competed in some areas. Following the acquisitions of FRSGlobal


(2010) and FinArch (2012), these two busi- nesses plus Wolters Kluwer’s own US-centric product line and the old UK-centric rFrame product (purchased from CGI in late 2013) were gradually brought under one umbrella brand – Wolters Kluwer Financial Services. The business has a global reach and broad delivery capabilities, covering 45 countries and employing around 2300 people. Wolters Kluwer presents the com- bined OneSumX as a modular, end-to-end


solution, which is designed on an integrat- ed data layer and enables multiple use- cases. Modules – OneSumX for Finance, OneSumX for Risk Management, OneSumX for Performance and OneSumX for Regula- tory Reporting – can be taken individually, on a standalone basis, or a customer can opt in for an integrated approach, accord- ing to the vendor. In Hong Kong, users of OneSumX


include the regional headquarters of JP Morgan and ANZ.


20 © IBS Intelligence 2015 www.ibsintelligence.com


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