According to the company, the application has been developed to help address the complex reporting processing requirements faced by banks operating in Germany and covers the broad range of financial and transaction reporting requirements they have to adhere to.
FRSGlobal said that its regulatory reporting solution automates report compilation and submission to the regulator – and by harnessing FRSGlobal’s fully defined, standardized data model DataFoundation, it creates a single repository of data which can be re-used for internal, board, branch/head office management-style reporting among others.
This new application also enables firms already using FRSGlobal outside of Germany, to extend their current implementation to include it.
In addition, all reports are available in German and English to facilitate internal information sharing (for example sharing the regulatory reports to the parent company), said the company.
FRSGlobal VP head of sales for EMEA Timothy Carley said they are extremely pleased that they can enable financial institutions operating in Germany to meet the demands of the regulator, increase operational efficiency, reduce costs, and mitigate risks.
