Central Banking honors BearingPoint as "Distributed Ledger Technology Provider of the Year" for a successful proof of concept for blockchain-based regulatory reporting
Amsterdam/Frankfurt, September 19, 2019 – BearingPoint RegTech, one of the leading providers of Regulatory and Risk Technology (RegTech/RiskTech), has been honored with the FinTech & RegTech Global Award 2019 in the category "Distributed Ledger Technology Provider of the Year". With the FinTech & RegTech Global Awards, Central Banking recognizes relevant players among central banks, supervisory authorities and technology and consulting companies for their outstanding achievements and their success. BearingPoint has convinced the award jury with a proof of concept (PoC) of a blockchain-based and thus innovative and cost-effective approach to face the growing complexity of regulatory reporting.
The growing number of reporting requirements and the associated high costs and strict quality standards pose major challenges for the global financial sector. With its PoC, BearingPoint has shown that the use of distributed ledger technology (DLT) - also known as blockchain - can reduce the regulatory effort. BearingPoint’s DLT approach allows transaction-based reporting with high data granularity and high quality between two banks. A decentralized DLT network with smart contracts enables the secure, efficient and transparent exchange of data. Real-time updates of regulatory data are possible without manual intervention by trading counterparties. Regulators can be part of the DLT network and thus have real-time access to all relevant reporting data.
With their proof of concept, BearingPoint has reached an important milestone for a new DLT-based regulatory reporting. BearingPoint is currently in talks with several European central banks regarding the implementation of a new DLT-based regulatory transaction reporting. In joint workshops, BearingPoint has convincingly demonstrated the potential benefits of transaction-based reporting within a DLT network. BearingPoint plans to extend the existing approach to further reporting obligations by the end of 2019/beginning of 2020. The software will be implemented and tested within an MVP project.
Rachael King, Chairperson of the FinTech & RegTech Global Awards Committee
We are particularly proud of the award for our approach to DLT because it recognizes our innovative strength. With our comprehensive RegTech solutions along the regulatory value chain, we contribute to the stability and transparency of the financial markets. Blockchain/DLT has great potential in this respect and the successful PoC confirms this.
Jürgen Lux, CEO BearingPoint RegTech
We are delighted to have convinced the jury of our innovative DLT approach. We want to contribute to shaping the future of regulatory reporting - away from a centralized system and towards a blockchain-based, decentralized system. There are many potential benefits for banks and regulators: DLT enables higher data quality and more reliable analyses. Our knowledge in banking regulation combined with a broad understanding of regulatory processes in DLT environments make BearingPoint a strong partner for banks and regulators.
Maciej Piechocki, member of the RegTech Management Board at BearingPoint
When two banks submit a transaction report through a DLT-based network, these two transaction partners always have identical and reportable data on their so-called ledgers. The third actor in the DLT network, the regulator, can view and extract the data from the two ledgers in real time. Inconsistent transaction data can be avoided, and the efficiency of transaction-based reporting can be increased.
Moritz Plenk, Manager and Head of RegTech DLT at BearingPoint
The winners of the Central Banking FinTech & RegTech Global Awards 2019 were announced during the Central Banking FinTech & RegTech Global Summit in Singapore on September 5, 2019. Moritz Plenk accepted the award for BearingPoint.
BearingPoint is an independent management and technology consultancy with European roots and a global reach. The company operates in three business units: The first unit covers the advisory business with a clear focus on five key areas to drive growth across all regions. The second unit provides IP-driven managed services beyond SaaS and offers business critical services to its clients supporting their business success. The third unit provides the software for successful digital transformation and regulatory requirements. It is also designed to explore innovative business models with clients and partners by driving the financing and development of start-ups and leveraging ecosystems.
BearingPoint’s clients include many of the world’s leading companies and organizations. The firm has a global consulting network with more than 10,000 people and supports clients in over 75 countries, engaging with them to achieve measurable and sustainable success.
About BearingPoint RegTech
BearingPoint RegTech, a business unit of management and technology consultancy BearingPoint, is a leading international provider of innovative regulatory and risk technology solutions (RegTech and RiskTech) and services along the Regulatory Value Chain for financial services. Customers representing 6,000 firms worldwide, among them large international banks, a major part of the largest European banks, leading insurance companies as well as supervisory authorities and central banks, trust BearingPoint RegTech’s products and services. BearingPoint RegTech works closely with regulators and, as a member of standardization bodies such as XBRL, actively contributes to the standard-setting process. BearingPoint RegTech combines regulatory know-how with proven, reliable and forward-looking RegTech solution suite, expert consulting capabilities, managed services and training seminars.
For more information, please visit: www.reg.tech
Press contact BearingPoint RegTech
Senior Manager Communications
Phone: +49 69 13022 3666