Bendigo and Adelaide Bank has deployed Wolters Kluwer’s OneSumX for Regulatory Reporting to improve operational efficiency.

In particular, the bank will leverage the platform for its authorised deposit-taking institution in Australia.

The move wraps up the first phase of modernised economic and financial statistical reporting (EFS), a regulatory programme of the Australian Prudential Regulation Authority.

Wolters Kluwer Finance, Risk & Reporting Australia and New Zealand account manager David Rule said: “Working with the Bendigo and Adelaide Bank finance team has been a mutually rewarding experience for us all.

“Their professional and dedicated approach meant the first deliverables of the project were signed off and ready for production well ahead of time.”

In order to support consistency, reconciliation and accuracy, OneSumX utilises a single data source.

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It also includes the Regulatory Update Service, managed by the firm’s experts monitoring regulation in around 30 countries.

Bendigo and Adelaide Bank divisional CFO of consumer banking Patricia Zeitz said: “Using a number of Wolters Kluwer solutions to benchmark our submissions to regulators, the bank will continue to assist regulators by producing their required information in the most unified and expedient way possible.”

In August 2018, Bendigo and Adelaide Bank announced plans to launch a digital bank called Up in a bid to lure more millennial customers. The digital bank was officially launched in October last year.