London-headquartered fintech giant Revolut has extended its partnership with BearingPoint RegTech, a Netherlands-based regtech solution provider, to support its United Kingdom (UK) expansion plans.

Revolut will be extending the use of the Abacus360 Banking solution as it faces new regulatory requirements after opening a bank in the UK.

The firm already relies on the regulatory reporting solution by BearingPoint RegTech since September 2019, when it selected Abacus360 Banking with a Managed Services offering for European Banking Authority (EBA) and AnaCredit reporting.

In total, three additional modules; UK Statistical Reporting Module, EBA Solo Reporting Modules, and EBA Consolidated Modules are now being added to the solution to meet the requirements imposed by UK regulators with regards to Prudential Regulation Authority (PRA), EBA and Bank of England (BoE) statistical reporting.

“For us, the key strengths of Abacus360 Banking are the smooth reporting process and the ability to respond quickly and easily to our regulatory requirements.

 

In addition, the software makes an important contribution towards streamlined and standardised reporting processes and therefore makes reporting processes more efficient.”

said Joel Kass, Head of Bank Strategy and Development at Revolut.

“We are pleased that we were able to convince Revolut with our software and services and that we now accompany their entry into the UK market as a bank.

 

Our solution will cater for both national and international prudential reporting as well as statistical reporting, covering the scope Revolut requires in the UK.”

Bodo Windmöller, Senior Vice President Product Management at BearingPoint RegTech.