Tieto launches Financial Authority Reporting service to support banks to comply with new EU regulation
Tieto Corporation PRESS RELEASE 2 July 2012 at 10.00 am EET
Tieto launches a new service for the financial industry, Financial Authority Reporting. The new service supports the compliance area in banks with reporting functionality in a secure, flexible and cost effective way.
EU will put further pressure on banks to increase their financial reporting to the union. The new EU FINREP regulation concerns all banks in the European Union and will add around 80 new reports to the currently approximately 100 reports. Banks are obligated to comply and will need to implement the new reporting structure in time for the new regulation.
Tieto's Financial Authority Reporting service meets all the FINREP reporting requirements. As financial reporting is influenced by country specific needs, this as well as multi language functionality has been included. The solution is delivered as a service, which means that the initial investment is relatively small and banks only pay according to how much they use the service.
With reports needed to be submitted within a short time slot in the beginning of each month, the owners of the reporting were previously left very much in the hands of legacy systems and heavy batch processes. With this new tool, users are allowed better time management during the reporting schedule remittance days, where one now has a better and easier control of the reporting process. In addition, the time consuming and arduous process of correcting data can be done in less time and with less resources.
-The leading thought in designing and building the service has been the end-users viewpoint - new functionalities are added to the solution in order to simplify the reporting process. In addition it supports the needs of all Nordic countries and has Nordic language support. EU is constantly adding new regulation for banks and with Tieto's service the burden on banks to keep track of regulatory changes is eased, says Perttu Haglund, Offering Manager.
For further information please contact:
Jeanette Jäger, Head of Financial Services Consulting, +46 708378024, jeanette.jager(at)tieto.com
Perttu Haglund, Offering Manager, Financial Services, +358 405451239, perttu.haglund(at)tieto.com
Roosa-Maria Santti, Offering Manager, Tieto Industry Solutions, +358 504691049, roosa-maria.santti(at)tieto.com
Tieto is the leading IT service company in Northern Europe providing IT and product engineering services. Our highly specialized IT solutions and services complemented by a strong technology platform create tangible business benefits for our local and global customers. As a trusted transformation partner, we are close to our customers and understand their unique needs. With about 18 000 experts, we aim to become a leading service integrator creating the best service experience in IT. www.tieto.com
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Source: Tieto Oyj via Thomson Reuters ONE