BBVA Compass has selected Wolters Kluwer to provide regulatory reporting software for its operations in the US.

The US-based subsidiary of Spanish banking group BBVA will utilise Wolters Kluwer’s OneSumX for Regulatory Reporting to ensure regulatory compliance.

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What does OneSumX Regulatory Reporting offer?

The OneSumX Regulatory Reporting utilises single data source and includes Regulatory Update Service of the respective firm to ensure consistency and accuracy. It is managed by Wolters Kluwer experts.

The software is expected to help BBVA Compass to adhere with the new regulatory demands implemented in the recent years.

BBVA Compass senior vice-president and director of financial reporting Chris Butler said: “As part of our ongoing strategy to build a leading franchise in the US we wanted to take a more strategic approach to compliance.

“This needed to be supported by an integrated, flexible platform capable of evolving in response to regulatory requirements and supporting broader business goals.

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“Wolters Kluwer provides this capability through OneSumX for Regulatory Reporting.”

Wolters Kluwer Finance, Risk & Reporting (FRR) business in the Americas general manager Todd Lawrence said: “OneSumX for Regulatory Reporting addresses all US regulatory, FR Y-14, FR 2052a, liquidity and other reporting requirements and can be also easily be expanded or customised to account for shifts in the risk and compliance environment.”

With total assets more than $90bn, BBVA Compass operates primarily in the US Sun Belt region. It has offices in the states of Alabama, Arizona, California, Colorado, Florida, New Mexico, and Texas.