Raiffeisen Bank International completes implementation of software solution to meet reporting requirements
Management and technology consultancy BearingPoint has announced that Raiffeisen Bank International (RBI), the Austrian commercial and investment bank, has successfully implemented its ABACUS/Transactions software solution to fulfil a number of transaction-based reporting requirements.
ABACUS/Transactions is a single software solution consisting of several modules, which support different types of transaction-based reporting.
RBI first engaged ABACUS/Transactions in order to meet reporting requirements listed in the European Market Infrastructure Regulation (EMIR) in November 2017. The second stage of the project was the implementation of the MiFIR/MiFID II module in January 2018, and since then, the daily reporting requirements of EMIR, MiFIR and MiFID II have been fulfilled via the software.
The software is also set up to provide information about data sets which do not meet regulatory requirements and, depending on the extremity of the quality deviation between the data sets delivered and regulatory requirements, adjustments can be made either automatically by Abacus or manually.
To ensure the software met the required data standards, the firms conducted a number of tests to ensure that all components of the data delivery lifecycle functioned correctly, as well as end-to-end testing. Delivery tests were ran to ensure data sets delivered fully and correctly into Abacus; data quality checks were conducted within ABACUS/Transactions to ensure the data quality was high enough to withstand regulatory requirements; and response tests at the export from ABACUS/Transactions were ran to ensure regulators would receive the relevant data.
Fariborz Nourani, Head of Division Head Office Operations at RBI, said: "As an important player in the financial market, we need to meet the whole range of transaction-based reporting requirements. With ABACUS/Transactions, we have found a software which can be used for various reporting types. This is time-saving, cost-effective, and will make our work much easier in the future, since we have to prepare and deliver the data only once."