AMSTERDAM & FRANKFURT, Germany, Sept 19 (Bernama-BUSINESS WIRE) — 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.
