|
|
|
|
|
|
| Verisk Financial provides its flagship APRA regulatory compliance solution to the Australian neobank |
SYDNEY, AU, June 4, 2019 - (ACN Newswire) - Verisk Financial, which aligns with global financial services organizations to provide risk, regulatory compliance, and analytical solutions, today announced its association with Australia's neobank Xinja. Verisk Financial is a Verisk (Nasdaq:VRSK) business.
Through this alliance, Verisk Financial will facilitate the end-to-end cloud-based implementation of Australian Prudential Regulation Authority (APRA) reporting at Xinja, bringing in automation and ease of change management and future-proofing Xinja in its regulatory compliance. The solution will serve to address both recently launched economic and financial statistics (EFS) regulations as well as the existing APRA reporting requirements at the bank.
APRA's recent and upcoming reporting changes are driving authorised deposit-taking institutions (ADIs) and non-ADIs to review and automate their regulatory reporting processes across EFS, liquidity, exposures, impairment, financial position, and performance. This translates to an increasing need for granular data to be submitted and a gradual shift from static reporting to focused data point reporting, hence, a need for data-oriented processes and technology investments to cater to the current and future compliance requirements.
Verisk Financial's APRA reporting solution is a uniquely designed commercial off-the-shelf (COTS) solution that can easily be integrated into a bank's existing IT landscape or support clients over a cloud infrastructure. It is powered by Verisk Financial's proprietary Data Management Platform, which aligns with BCBS 239 Principles of Effective Risk Data Aggregation and Risk Reporting. This "Glass Box" approach with preconfigured rules can be nimbly configured to cover multiple lines of business within a bank. The solution comes with a Data Hub, a universal banking data model covering both on- and off-balance-sheet instruments, which enables reuse of data extracts across financial, risk, regulatory, and internal reporting requirements.
"We're delighted to have aligned with one of the newest neobanks in Australia," said Lisa Bonalle Hannan, president of Verisk Financial. "Our innovative product and approach will enable Xinja to meet its compliance reporting requirements and leverage the same infrastructure to support other data and reporting needs across the enterprise."
"Australian banking supervision is at an inflection point and should continue to witness changes in governance, risk culture, and accountability," added Hannan. "Financial institutions and banks will likely notice newer requirements across data and reporting for the next two to three years. Verisk Financial is uniquely positioned to help them stay compliant as the industry transitions. We look forward to our evolving association with Xinja."
"Verisk Financial has been an invaluable ally in assisting us with setting up and automating the highest standards of regulatory reporting that we need as a new bank," said Eric Wilson, Xinja Bank CEO.
About Verisk Financial
Verisk Financial, a Verisk (Nasdaq:VRSK) business, is a one-of-a-kind leading provider of information, scoring solutions, risk and compliance management, and advisory services to financial institutions across the globe. Our client base ranges from financial institutions and their regulators to various companies across the media industry and beyond. We maximize the value of data by transforming it into insightful information and analysis that assist our clients in understanding their market contribution, managing and mitigating risk (default, fraud, funding, and regulatory compliance), and capitalizing on their financial objectives. Verisk Financial is headquartered in White Plains, New York, with additional offices in San Francisco, Sao Paulo, Sydney, Melbourne, Dubai, Auckland, Singapore, and London. For more information, please visit https://www.verisk.com/financial/.
About Xinja
Xinja is an independent, Australian, 100% digital bank-or "neobank"-designed entirely for mobile. It will be a radically new banking experience built with the community, around their needs, and in their interests. Xinja will make it quick, easy, and even fun for customers to track spending, save for what they want, and just get a lot more out of their money. Unlike incumbent banks, Xinja doesn't have branches or expensive legacy systems, which means lower costs, competitive rates, and low fees for customers. Furthermore, the products are being designed to help people get ahead; if customers do well, Xinja does well too. www.xinja.com.au
Verisk Financial press contact:
Kenneth DeMeo
Marketing & Communications Manager
Tel: +1 (914) 307 3178
E-mail: KDeMeo@argusinformation.com
Xinja press contact:
Michelle Innis
Tel: + 61 (0) 414 999 693
E-mail: michelle.innis@plcorporate.com.au
###
This announcement is distributed by West Corporation on behalf of West Corporation clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Verisk Analytics Inc. via Globenewswire
Topic: Press release summary
Source: Verisk Analytics, Inc.
https://www.acnnewswire.com
From the Asia Corporate News Network
Copyright © 2024 ACN Newswire. All rights reserved. A division of Asia Corporate News Network.
|
|
|
|
|
|
|
|
