Reliability in the operation and communication of financial information is now more than ever a major challenge for financial institutions. This is all the more true in the context of AnaCredit (Analytical Credit Dataset). This project was launched in February 2014 by the European Central Bank, under the impetus of the European System of Central Banks, with the ambition to harmonize credit collection systems. The method chosen is a centralized European construction, bringing together the outstanding loans granted by Eurozone financial institutions at a very detailed level ("loan by loan").
With deadlines as of March 2018, a very demanding scope due to the number of products covered and the granularity required, AnaCredit marks a new milestone in the reporting obligations of financial institutions and the organizations to be set up.
Sopra Banking Software is a major player with Compliance-AnaCredit software solution, relying on extensive experience in regulatory reporting, including reporting to Credit Registers.
Thanks to its "full web" technology and its native modularity, Compliance-AnaCredit is aimed at institutions or groups of all sizes, large and small, with all types of organization.
Compliance-AnaCredit compatible with “BIRD” (Banks' Integrated Reporting Dictionary), supports the entire reporting lifecycle, including returns. Moreover, it integrates all the regulatory controls, whether at the BCE level or defined locally, by the Central Bank of the country. Thanks to its multi-criteria research tools, it allows to visualize and intervene if necessary on the data in anomalies or incomplete. Due to the large volume of data, AnaCredit is equipped with cross-rendering tools to ensure multi-axis consistency checks.
Compliance-AnaCredit brings its added value in the computation of complex data, as well as in the crossing thresholds. Finally, it produces reports in the required formats by each BCN (SDMX, XML, flat file ...). In return, it can take into account receipts, reports of anomalies and situations of indebtedness, and exploit the information received.
The regulatory monitoring and maintenance services that accompany the software offer make sense for this "long-term" regulatory project, which takes place in several phases, over several years, and is the subject of constant consultations and adjustments between the different European institutions and countries involved.