b.fine, a RegTech specialized in leading financial institutions from regulatory reporting towards regulatory intelligence, announced that Belgian Bank Centrale Kredietverlening (CKV) will implement b.fine’s b.rx platform as strategic regulatory reporting solution for the full regulatory reporting scope of CKV. B.rx will replace the current legacy system at CKV in an effort to fully automate the regulatory reporting process, increase overall reporting quality and performance whilst significantly reducing the total cost of ownership.
“CKV was looking for a regulatory reporting solution which could solve the problems in its current legacy system. Whilst offering the necessary templates, automation of the regulatory process was never reached due a lacking vendor implementation. This resulted in the current reporting process being manual, time consuming and very cost ineffective. We have had very good experiences with b.fine as an implementation partner of ElysianNXT in the last two years helping us to replace some of our calculators for IFRS9, Basel and Liquidity Risk. In those two years we also saw their software b.rx mature, and during a proof-of-concept with the b.fine team we saw that b.rx was not only a solution to the problems we faced but that it could do so in a very short implementation time. It offered the same regulatory templates, but fully automated and at a higher speed with a user experience which was significantly better than what we saw with competitors. b.rx has secured a spot in the ambitious new software landscape which CKV is putting in place for its digital transformation program. We look forward to a fruitful collaboration for many years to come,” said Emmanuel Lambert, Digital Transformation Officer at CKV.
“Regulatory reporting has become more and more challenging over the years. More people within the bank need to collaborate to get the numbers right. But within this increasing challenges also resides a huge opportunity. Regulatory reporting tools which go beyond the pure template submission but offer a road to regulatory intelligence, insights and understanding of the regulatory data offer a real competitive advantage,” says Rudi Deruytter, CEO of CKV and seasoned banker.
Jelle Dhuyvetter, Practice lead Financial Risk at b.fine says: “We are very happy to see the close collaboration with CKV over the last two years rewarded with this important deal. From the very start we felt a very close alignment in vision with CKV, who even though small in size is very big in ambition and really shows what digital transformation within the banking sector could look like.
CKV is now running its regulatory reporting faster, more correct and more cost efficient then ever whilst also understanding and leveraging it regulatory data much more. We are very happy to have been able to help CKV down this path.”
About Centrale Kredietverlening
CKV (Centrale Kredietverlening) is an unlisted, independent, stable, Belgian bank that has been active since 1956 throughout Belgium and since 2018 also in France. The headquarters are in Waregem. CKV specializes in tailor-made solutions for mortgage-guaranteed loans, both for private and professional purposes. CKV has a wide distribution network of independent credit brokers. Annually, around 300 million euro of mortgage-guaranteed loans are issued in Belgium and France. In addition, customers can turn to CKV for a varied range of traditional savings products, which are offered to the public through independent savings bank agents and through the Fintech platform Raisin DS. These deposits are used to finance all loans, making CKV a healthy bank which is fully self-financing.
b.fine established in 2017, is a Belgian-based RegTech company with a vision to industrialize the reporting processes within the financial industry. Today, several banks rely on b.fine’s expertise to transform their time-consuming reporting processes into an effective reporting supply chain either through b.fine’s user-centric cloud-based reporting platform, b.rx, or through different engagement models on more traditional reporting applications.
More information about this press release:
b.fine NV – Cantersteen 47 – 1000 Brussels