he said. The solution offered by Wolters Kluwer to ATB was based on the data management layer derived from Financial Architects, whilst the regulatory reporting and compliance parts stemmed from FRSGlobal. It is understood that SAP and Oracle competed for the deal.


The bank had short-term and long-term requirements for the new system. In the short-term, the bank’s main focus was in the financial area, with the implementation of a sub-ledger solution, with this live by May 2014. There was also the need to comply with the latest CRD4 regulations, ensuring adequate COREP and FINREP reporting and other external regulatory requirements. Another important criterion was for the new solution to have multi-GAAP functionality, and the ability to run multiple charts of accounts (including according to Russian standards for the bank’s parent). A configurable, rules-based engine that enables data enrichment was also important, added Nancy Masschelein, VP market management for finance and risk management at Wolters Kluwer. ATB would gain ‘an automated, standardised and fully reconcilable accounting architecture’, which it lacked previously, she added. There was also a ‘visionary element’ to the system selection.


‘ATB wanted to build an integrated risk solution on top of its financial environment, said Van Bavel. ‘It all comes down to the key vision that we share: an integrated environment for finance, risk and regulatory compliance.’ He added, however, that this had not been included in the initial contract, but would be discussed in the following year. The roll-out has been done in phases, with the new solutions gradually replacing manual work in spreadsheets. The regulatory component was next after the sub-ledger, followed by the FINREP part. Pictet set about implementing the OneSumX components


derived from RiskPro and RegPro in 2014. The Swiss private banking group started the deployment at its head office in Geneva to perform asset and liability management (ALM), liquidity and market risk, and capital calculations at top level as well as local, said Masschelein. The software was to be integrated with the regulatory reporting platform, also from Wolters Kluwer, which was already in use at Pictet’s operations across France, Hong Kong, Luxembourg, Singapore, Spain and Switzerland. The group, with assets under management totalling €332 billion ($455 billion) and more than 3500 employees in 26 geographies, first struck a conversation with Wolters Kluwer at the vendor’s European Client Conference in London in October 2013. Masschelein noted that Pictet ‘wanted more advanced dynamic simulations’ and so a new platform was needed. Jerome Cuendet, risk specialist at Wolters Kluwer, added that Pictet wanted ‘an automated, resilient and scalable platform that could provide all types of risk indicators, such as incomes, capital requirements and liquidity ratios, as well as address other business and regulatory needs in the form of dynamic simulations, stress scenarios and reporting’. The implementation began in September 2014 and the data management phase was taking place by the following month. The set-up of the solution’s risk models and running the various risk and ALM metrics would follow. The platform was solely for the firm’s Geneva office and there were no plans


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as yet to roll it out to its other locations. The project completion date was set for March 2015. Celtic Bank of Salt Lake City, Utah has selected two Wolters Kluwer Financial Services systems in March 2015, that together will enable it to achieve straight-through processing for the bank’s commercial lending activities. Celtic Bank selected the financial analytics bundle of CASH™ Suite, an enterprise- wide financial analysis and credit risk management solution for commercial lenders, as well as the ComplianceOne® solution for loan document origination preparation. The financial analytics bundle of CASH Suite includes the Insight, CRE, OnTrack, Bridge and CASH Doc modules and provides a bank with deep and comprehensive financial analyses on its commercial loans for both new loans and annual reviews. ComplianceOne is highly configurable and can be used as a stand-alone system or in conjunction with other Wolters Kluwer Financial Services solutions. Permanent TSB (formerly Irish Life and Permanent) signed


up for OneSumX (Jun2 2015), to comply with the upcoming Basel III regulations. Wolters Kluwer Financial Services announced in June 2015,


that Israel Discount Bank (IDB), one of the largest commercial banks in Israel, has selected its OneSumX® solution for Risk Management. IDB chose Wolters Kluwer Financial Services following an extensive search for a vendor that could provide a suitably robust risk solution, subject matter expertise and implementation services.


Fieldpoint Private, headquartered in Greenwich, CT, selected the OneSumX® Asset Liability Management solution in July, 2015, empowered by Empyrean. The ALM solution will give Fieldpoint Private an intuitive, easy-to-use yet sophisticated ALM analytical tool that provides the essential foundation for efficient, effective and confident risk analysis and enhanced funds transfer pricing (FTP) functionality. Fieldpoint Private chose Wolters Kluwer Financial Services’ ALM solution over competing solutions to integrate the same core data it uses for both ALM and FTP purposes. The two largest private banks in Sri Lanka, Commercial Bank of Ceylon and Hatton National Bank, have signed for the OneSumX Finance solution for IFRS compliance, in August 2015. Both Commercial Bank of Ceylon and Hatton National Bank went through official selection processes and carried out their own due diligence, including proof of concept studies, but issued a single RFP. They signed separate contracts and could have selected separate suppliers.


Oman-based Alizz Islamic Bank has chosen the OneSumX solution for asset and liability management (ALM) in September, 2015. The Shari’ah-compliant bank will use OneSumX for the monitoring of liquidity, sensitivity analysis, income analysis, income and earnings simulation and fund transfer pricing (FTP).


Atom Bank, a digital-only bank based in the UK, has also chosen the OneSumX in September 2015, to manage its UK and European Banking Authority regulatory reporting requirements. The bank says it conducted a search for a technology vendor that could provide a ‘comprehensive’ solution, with ‘subject matter expertise’ and localised


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