Revolut extends use of BearingPoint RegTech solution to meet regulatory reporting requirements
BearingPoint RegTech accompanies leading financial technology company Revolut as it expands its international brand and entities. Revolut will extend the use of the Abacus360 Banking solution as it faces new regulatory requirements after opening a bank in the United Kingdom. Revolut already relies on the innovative regulatory reporting solution by BearingPoint RegTech since September 2019, when it selected Abacus360 Banking with a Managed Services offering for EBA (European Banking Authority) and AnaCredit reporting. In total, three additional modules (UK Statistical Reporting Module, EBA Solo Reporting Modules and EBA Consolidated Modules) are now being added to the solution to meet the requirements imposed by UK regulators with regards to PRA (Prudential Regulation Authority), EBA and BoE (Bank of England) statistical reporting. Since Revolut already uses Abacus360 Banking via Managed Services, there is no need to implement new software. Instead, reports can easily be added to the software and services that are already in place.