Press release – November 2021
b.fine, an innovative challenger in the RegTech industry and advisor for regulatory reporting is extending its capabilities with an additional solution from PwC in the b.rx ecosystem that provides financial institutions with clear insights into their data quality and figures.
Financial institutions are being exposed to a regulatory tsunami with ever increasing reporting complexity and data requirements. Moreover, the amount of data is constantly increasing; thus, financial services professionals experience more difficulties with their regulatory reporting processes.
b.rx is a reporting platform that makes regulatory reporting less complex, more efficient and more cost-effective. The high level of automation and digitalization of the reporting processes within b.rx relieves reporting teams and allows financial institutions to regain control and oversight over their reporting processes. By offering a solution based on components in the cloud and opting for Reporting As A Service, we step away from the one size fits all approach and deliver a tailor made platform that is adapted to your reporting needs. By leveraging on publicly available building blocks like DPM, applying the proportionality principle in our license model and efficiently using cloud infrastructure, the overall cost can be drastically reduced.
By relying on an ecosystem where we connect insightful solutions, financial institutions are able to create, manage and visualize their reporting processes in one central platform. B.rx’s ecosystem contains optional modules in different areas such as data intelligence, risk engines, and analytics components that allow us to deliver an end-to-end solution that is completely adapted to the specific needs of any financial institution. Thanks to its API driven integrations, the b.rx platform can easily connect with those modules and deliver added value to reporting teams that optimize the reporting chain. The most recent addition to the ecosystem is PwC’s Regulatory Reporting Insights solution. By including PwC’s Regulatory Reporting Insights solution in our b.rx Marketplace, we are able to offer an additional layer of comfort on data quality and visualize the key reporting information. By providing data quality, consistency controls, dynamic visualization possibilities and automated comparisons, clients can regain control over their data, collect insights and ensure a clear overview & transparency of financial information. This helps involved parties get insight into what they are producing and controlling which is valuable to small, medium sized and large financial institutions.
About b.fine (www.b-fine.eu)
Getting the data right and getting the right data is crucial for financial institutions when it comes down to regulatory reporting. Therefore, financial institutions rely on b.fine to transform their time-consuming, inefficient reporting processes into an effective reporting supply chain. Through our unique mix of services and technology solutions, we are leading financial institutions from regulatory reporting towards regulatory intelligence. Today, we are ensuring the reporting processes of financial institutions through different engagement models:
- Technology: b.fine has bundled its expertise gained on many different regulatory inspired projects into b.rx, the first SaaS reporting platform that focuses on the user journey by leveraging on unique features like collaboration, workflow & key insights. Through b.rx, we are making regulatory reporting less complex, more efficient and more cost effective.
- Advisory: b.fine’s team of senior business and technology consultants supports financial institutions on their transformation to become a more (regulatory) data-driven organization
- Managed Services: Banks are facing challenges to keep their reporting platforms up-to date and the associated costs under control. This is why b.fine offers managed services and allows clients to effectively outsource certain parts of the reporting processes while they focus on their core business.
At PwC, our purpose is to build trust in society and solve important problems. We’re a network of firms in 155 countries with more than 284,000 people who are committed to delivering quality in assurance, advisory and tax services.
As specialists in all aspects of financial services, PwC is ideally placed to support your business in meeting the challenges you face. Regulatory reform, more stringent capital requirements, risk management considerations, disruptive technologies, a low interest rate environment, and enhanced reporting requirements are all challenges to growth in the financial services industry.
Find out more and tell us what matters to you by visiting us at www.pwc.be. PwC refers to the PwC network and/or one or more of its member firms, each of which is a separate legal entity. Please see www.pwc.com/structure for further details.