Belgian lender bpost bank has selected Wolters Kluwer to provide AnaCredit software for its operations in the country.

A European Central Bank project, AnaCredit aims to set up a database containing detailed information of all individual bank loans approved in the euro area.

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Under the contract, Wolters Kluwer will provide its integrated, scalable OneSumX AnaCredit solution for the project.

The solution utilises grid and in-memory computing to manage huge quantities of data that is necessary for regulation, thereby ensuring faster processing and flexible operational environment for end users.

bpost bank CFO Pierre-Aymar de Potter said: “AnaCredit introduces a step-change in the amount of data that banks are required to report on and on such a frequent basis – daily in some cases.

“As a result we required an expert in the field to ensure we are comprehensively managing our AnaCredit and wider reporting obligations. Wolters Kluwer was the natural choice.”

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In addition, bpost bank will also utilise Wolters Kluwer’s OneSumX Regulatory Reporting solution.

Equipped with the company’s Regulatory Update Service, the OneSumX Regulatory Reporting utilises a single data source of data to ensure accuracy, consistency and reconciliation.

It is maintained by a team of experts in Wolters Kluwer, which continuously monitor regulations across 30 countries.

Wolters Kluwer Finance, Risk & Reporting business managing director for EMEA Kris Van Bavel said: “Wolters Kluwer is delighted to have been chosen by bpost bank to provide its AnaCredit and regulatory reporting software.

“We continue to add clients across Benelux and the rest of Europe and expect this trend to continue particularly due to AnaCredit.”