Fintecor Implements Wolters Kluwer OneSumX System for Indexo Bank

We proudly announce that Fintecor has successfully implemented Wolters Kluwer's OneSumX system for Latvia's newly established Indexo Bank. This partnership brings advanced regulatory and risk management solutions, improving the bank’s compliance abilities and operational efficiency.

Wolters Kluwer is a global leader in providing professional software solutions for various sectors, including financial compliance and regulatory reporting. OneSumX for Regulatory Reporting solution offers managing financial risks and meets regulatory requirements, which enables Indexo Bank to meet European Union (EU) reporting standards. Also, Local Regulatory Reporting was integrated to strengthen the bank’s ability to manage financial risks in the Baltic region.

This includes:

• FINREP 

• COREP 

• Basel III 

• IFRS 9 

• IRRBB (Interest Rate Risk in the Banking Book) 

The OneSumX Regulatory Reporting was deployed in the cloud, providing Indexo Bank with flexibility in managing its IT infrastructure and ensuring data security. The SaaS (Software-as-a-Service) cloud option allows efficient scalability and cost management while ensuring data security and regulatory compliance. The OneSumX Risk module was also implemented ensuring data models for ECL and IRRBB calculations. Indexo Bank uses OneSumX ECL model for the IFRS9 calculations and impairment postings. Fintecor also implemented a Data Warehouse (DWH) and Business Intelligence (BI) toolset, which supports Indexo Bank’s data management and analysis processes. 

By integrating Wolters Kluwer’s solutions, Fintecor has positioned Indexo Bank as a leader in regulatory and risk management in the Baltic financial market. This collaboration not only enhances compliance with EU standards but also empowers the bank to adapt to evolving financial regulations.