Japanese Bank Switches from Wolters Kluwer to Lombard Risk

An undisclosed, large Japanese bank has switched from Wolters Kluwer’s rFrame to Lombard Risk’s REPORTER for Bank of England regulatory reporting.

“Following a series of tactical mergers and acquisitions by software companies to acquire market share, we have seen an influx of new business as clients that are faced with changing to the acquirer’s software platform take the opportunity to re-evaluate the market,” says John Wisbey, CEO, Lombard Risk. “When faced with switching reporting systems, it’s an opportunity for firms to see what’s new on the market, and we have seen a consistent flow of financial institutions (two in the last week) electing to move to our REPORTER.”

Wolters Kluwer had acquired rFrame from CGI last year.

REPORTER is a regulatory reporting platform, which for Bank of England reporting enables firms to automate their processes and submit via XML.

The platform offers “a particularly flexible product deployment approach that enables our solution to fit around clients’ existing infrastructures, rather than enforcing a prescriptive system that will, over time, complicate the reporting processes,” adds Rob Markham, head of sales, Regulatory Compliance, EMEA at Lombard Risk.