Wolters Kluwer Updates OneSumX for Regulatory Reporting to Meet Second-Generation People’s Bank of China Enterprise Credit Reference Submission

Wolters Kluwer’s Finance, Risk & Reporting (FRR) business has released an update for  its OneSumX for Regulatory Reporting solution to allow clients to meet the Second-Generation People’s Bank of China Enterprise Credit Reference Submission.

OneSumX for Regulatory Reporting combines bank data into a single source of data to ensure consistency, reconciliation and accuracy and includes Wolters Kluwer’s Regulatory Update Service. This unique service is maintained by Wolters Kluwer experts who actively monitor regulation in 30 countries.

ING’s China business has chosen OneSumX for Regulatory Reporting to manage the Second-Generation People’s Bank of China Enterprise Credit Reference Submission. This is in addition to the 400 regulatory reports that ING currently accesses by its ongoing use of the OneSumX Regulatory Reporting solution across its two branches in the country.

“We are delighted to be working with ING on this important project around the Second-Generation People’s Bank of China Enterprise Credit Reference Submission for the bank’s Chinese operations,” said Rainer Fuchsluger, Managing Director of Wolters Kluwer FRR in APAC. “Regulatory reporting is key for all banks now more than ever. Our experts are on hand to provide all important access to our award-winning software in China and across the APAC region and we look forward to working with ING on this implementation.”

Wolters Kluwer FRR, which is part of the company’s 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 2019. Risk magazine awarded the company its coveted Regulatory Reporting System of The Year Award for the second year running and Waters Technology has named the company the Best Market Risk Solution Provider in its annual Technology Rankings. Wolters Kluwer FRR is also the #1 provider in both Regulatory Reporting and Liquidity Risk according to the RiskTech100, as compiled by Chartis Research.

About Wolters Kluwer Governance, Risk & Compliance 

Governance, Risk & Compliance (GRC) is a division of Wolters Kluwer, which provides legal and banking professionals with solutions to ensure compliance with ever-changing regulatory and legal obligations, manage risk, increase efficiency, stay competitive 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. 

Wolters Kluwer N.V. (AEX: WKL) is a global leader in information services and solutions for professionals in the health, tax and accounting, risk and compliance, finance and legal sectors. Wolters Kluwer reported 2019 annual revenues of €4.6 billion. The company, headquartered in Alphen aan den Rijn, the Netherlands, serves customers in over 180 countries, maintains operations in over 40 countries and employs 19,000 people worldwide.

About ING

ING is a global financial institution with a strong European base, with 53,000 employees providing retail and wholesale banking services to customers in more than 40 countries. ING started its banking operations in China in 1990. Its Beijing and Shanghai branches are primarily active in lending, financial markets and corporate finance in China, providing renminbi and foreign currency debt financing, trade and commodity finance as well as merger and acquisition advisory services to both local and international companies and institutions.