Raiffeisen Banking Group licenses i:Reg by Software Daten Service for FATCA and QI reporting
VIENNA--(BUSINESS WIRE)--After intensive selection procedures, the Raiffeisen Banking Group (RBG) opted for the International Reporting Engine i:Reg by Software Daten Service as a central tool for meeting reporting requirements regarding the Automatic Exchange of Information (AEOI) for the entire group.
“The increasing reporting requirements strain resources and IT budgets of financial service providers, especially international ones. We are therefore delighted that Raiffeisen Bank International and the entire Austrian Raiffeisen Banking Group trust in SDS' expertise and have identified i:Reg as the optimal solution for the upcoming challenges”
As RBG decided to use the same solution across the group, the latest SDS product will not only be rolled out in the entire Raiffeisen sector in Austria, the Raiffeisen Zentralbank (RZB), the 8 regional banks and the 494 local banks but also in 15 other countries, mainly in Eastern Europe.
The first reporting procedures to be implemented will be the QI regime and the FATCA requirements that have to be met as of 2015. This will be followed by the expected extensions of the EUSD and requirements resulting from G8 and G20 agreements. RBG will use i.Reg as a group-wide solution with which reporting processes concerning QI, FATCA and other requirements can be bundled in centralised service hubs and across borders.
"A major deciding factor was that SDS' software i:Reg already covers most parts necessary for QI and FATCA reporting. This enables us to use the same uniform reporting solution across the entire group. Additionally, the similar requirements of the Automatic Data Exchange of the European Savings Directive can be implemented cost-efficiently", says Josef El-Awadi, FATCA program manager of Raiffeisen Bank International AG (RBI).
"The increasing reporting requirements strain resources and IT budgets of financial service providers, especially international ones. We are therefore delighted that Raiffeisen Bank International and the entire Austrian Raiffeisen Banking Group trust in SDS' expertise and have identified i:Reg as the optimal solution for the upcoming challenges", states Alexander Birkl, Head of Solution Sales SDS.
i:Reg is a cost-efficient, reliable and future proof solution to meet the new reporting requirements and the high standards of the group. It also optimally utilises synergies of multinational banking groups.
Raiffeisen Bank International AG (RBI) regards both Austria, where it is a leading corporate and investment bank, and Central and Eastern Europe (CEE) as its home market. 15 markets of the region are covered by subsidiary banks, additionally the Group comprises numerous other financial service providers, for instance in the fields of leasing, asset management and mergers and acquisitions.
RBI is the only Austrian bank with a presence in both the world's financial centres and in Asia, the group's further geographical area of focus.
In total, around 59,000 employees service about 14.4 million customers through more than 3,000 business outlets, the great majority of which are located in CEE.
RBI is a fully-consolidated subsidiary of Raiffeisen Zentralbank Österreich AG (RZB). RZB indirectly owns around 78.5 per cent of the common stock, the remainder is in free float. RBI's shares are listed on the Vienna Stock Exchange. RZB is the central institution of the Austrian Raiffeisen Banking Group, the country's largest banking group, and serves as the head office of the entire RZB Group, including RBI.
About SDS (Software Daten Service):
SDS, a subsidiary of T-Systems, specialises in the development of standardised banking software, in particular for international security markets and financial service providers. With the GEOS Suite, SDS offers a software for the real-time processing of securities and derivatives for international financial service providers. Other leading products of SDS are the International Regulatory Reporting Engine i:Reg for FATCA (incl. IGA1 and IGA2) and QI reporting, f:Sub for the management of own holdings of securities in accordance with national and international IFRS accounting standards and the securities compliance solution c:Conform, which automatically and fully documents compliance-related incidents.