China Merchants Bank has selected Wolters Kluwer’s OneSumX for Regulatory Reporting software to support its regulatory reporting in the US.

OneSumX for Regulatory Reporting aggregates bank data into a single source to ensure consistency, reconciliation and accuracy.

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The solution also includes Wolters Kluwer’s Regulatory Update Service, maintained by company experts who monitor regulations in 30 countries.

The move comes two years after the bank selected Wolters Kluwer’s OneSumX to meet regulatory reporting requirements in Luxembourg.

China Merchants Bank operates a US branch in the city of New York. It received the federal approval to open the branch in November 2007.

China Merchants Bank assistant general manager and CEO for the New York Branch Joseph Loffredo said: “The comprehensive features available in OneSumX for Regulatory Reporting provide extensive functional coverage, adaptability and scalability and these were all qualities we were looking for when selecting the software.

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“Wolters Kluwer’s subject matter experts provide unrivaled expertise, and the ease of integration with other technology also makes OneSumX for Regulatory Reporting an attractive proposition.”

Wolters Kluwer Finance, Risk and Reporting (FRR) specialises in providing integrated regulatory compliance and reporting solutions. It assists financial institutions in fulfilling their obligations to external regulators.

Established in 1897, China Merchants Bank is wholly owned by local corporate legal entities. The lender offers corporate, investment and personal banking services.