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ICBC (London) chooses Axiom regulatory calculation and reporting technology

ICBC (London), a full subsidiary of the Industrial and Commercial Bank of China Ltd (ICBC), has chosen regulatory calculation and reporting technology from Axiom Software Laboratories, a financial technology company in the US.

Under terms of the deal, the bank will deploy IntegrationCenter for dynamic data management; Basel123 for its capital calculations, and ControllerView for FSA and Bank of England reporting.

The new flexible and scalable data management framework provides data transformation, calculation and reporting processes transparency while complying with Basel III capital requirements directive and harmonized Common Reporting (CoRep) & FINREP templates in the UK.

AxiomSL’s platform will allow interoperability between ICBC (London)’s data entry process and its parent bank in China, claims the technology company.

In order to offer a genuine global capital adequacy platform, the integrated solution will merge ICBC’s (London) heterogeneous data into Basel calculations, catering transparency and scalability between ICBC (London) data source and standard calculations.

AxiomSL’s data-driven management offers comprehensive data-gap analysis with a complete audit trail, and embeds regulatory processes to respond rapidly to data adjustments and new regulations.

Set up on 1 January 1984, ICBC provides financial products and services to 4.11 million corporate banking and 282 million personal banking customers, through a distribution network consisting of 16,648 domestic institutions, 239 overseas institutions and over 1,669 correspondent banks.