Netherlands Wolters Kluwer Tender

Wolters Kluwer Finance Risk and Regulatory Reporting FRR today announces Varo Bank N.A. as a new customer.Varo the first consumer fintech in US history to be granted a national bank charter has successfully filed regulatory reports using Wolters Kluwers OneSumX for Regulatory Reporting software.OneSumX for Regulatory Reporting combines bank data into a single source of data to ensure consistency ease of reconciliation and accuracy. It includes access to Wolters Kluwers unique Regulatory Update Service RUS which is maintained by Wolters Kluwer experts who actively monitor regulation in 30 countries factoring the potential impact of future changes into the OneSumX portfolio and ensuring clients ongoing compliance.We are incredibly excited to be working with Varo Bank to provide a full-service regulatory reporting solution that seamlessly integrates with the Temenos core banking system commented Todd Lawrence General Manager of Wolters Kluwer FRR for the Americas. Varo is the first fintech to have received its national bank charter and as such has an exciting future ahead. Wolters Kluwer is honored to have been chosen for this strategically important project and looks forward to working with Varo to ensure regulatory compliance is at the center of its endeavors. OneSumX for Regulatory Reporting integrates with the Temenos T24 Transact core banking system used by Varo Bank providing lower total cost of ownership when compared to other Extract Load and Transform ELT processes. As a result and through utilizing Wolters Kluwers RUS the bank says it will be well placed to meet the ongoing regulatory reporting demands of various regulatory bodies. These include The U.S. Treasury Department of Commerce Federal Financial Institutions Examination Council FFIEC and the Federal Reserve.The impressive range of features available in OneSumX for Regulatory Reporting will provide us with the necessary functional coverage and adaptability that we were searching for commented Thibault Fulconis CFO for Varo Bank. We were also attracted by the proven integration with the Temenos T24 Transact platform not to mention the leading position Wolters Kluwers experts have within the regulatory reporting space.Wolters Kluwer FRR which is part of the companys Governance Risk Compliance division is a global market leader in the provision of integrated regulatory compliance and reporting solutions. It supports regulated financial institutions in meeting their obligations to external regulators and their own board of directors.Wolters Kluwer FRR receives frequent independent recognition of its excellence and innovation celebrating a record year for award wins in 2020. Risk magazine awarded the company its coveted Regulatory Reporting System of The Year Award for the third year running and Wolters Kluwer FRR is the 1 provider in both Regulatory Reporting and Liquidity Risk according to the RiskTech100 as compiled by Chartis Research.Governance Risk Compliance is a division of Wolters Kluwer which provides legal and banking professionals with solutions to help ensure compliance with ever-changing regulatory and legal obligations manage risk increase efficiency and produce better business outcomes. GRC offers a portfolio of technology-enabled expert services and solutions focused on legal entity compliance legal operations management banking product compliance and banking regulatory compliance.