The ING Belgium – Branch in Portugal is the most recent financial institution to adopt the Quidgest banking solution of the regulatory reports (COREP and FINREP). This new technological project heightens the company growth in the financial sector, in the first semester of the current year. This growth exceeded 50% when compared with the previous semester. The purpose of the system developed by Quidgest is to give access to the necessary data to send to regulatory institutions.
Currently, Quidgest is implementing in ING Belgium – Branch Portugal regulatory reports’ software. ING Belgium SA/NV – Branch in Portugal is a banking institution headquartered in Belgium and it is a part of ING N. V. Group. ING Belgium have branches in more than 40 countries in Europe, North America, Latin America, Asia and Australia.
In the end of the first semester of 2015 the growth of this sector is extremely positive once the company billing increased more than 50% the development of both national and international financial institutions banking solutions, when compared to the previous semester. To João Teles Business Manager Banking Solutions of Quidgest, “the implementation of regulatory reports’ solution in ING Belgium strengthens commitment and hard work developed in several institutions such as Banco do Brasil, Caixa Económica da Misericórdia de Angra do Heroísmo (CEMAH) or Caixa de Crédito Agrícola Mútuo da Chamusca”.
Within the scope of Basel Accord III and similar to other banking institutions, the ING Belgium sought to implement a solution that could support the development and the release of regulatory reports to regulatory institutions. The system developed by Quidgest quickly filled that need by creating conditions that enabled the clients’ data migration to the software structure which automatically responds to the reporting.
With the regulation standardization also came up the need of implementing reports with certain criteria and uniform definitions that will cover several types of information such as the report of prudential information (COREP), the report of financial and accounting information (FINREP), the information liquidity and the information related to leverage ratio.