American Financial Technology Awards 2020
Written by WatersTechnology.
Moody’s Analytics’ patience in waiting to win an American Financial Technology Award has finally been rewarded by not one but two wins in the 2020 edition: In addition to its win in the best artificial intelligence (AI) technology initiative category, thanks to its machine learning-driven QUIQspread financial spreading tool, it has also won the best middle-office initiative category by virtue of its Banking Cloud platform.
The platform’s first iteration featured the Banking Cloud Reporting Studio, a cloud-native reporting-as-a-service offering initially unveiled in October 2019, designed to help banks address their regulatory reporting requirements while reducing their total cost of ownership. Its regulatory coverage includes Basel-type reports for over 50 jurisdictions.
The second application available via the Banking Cloud is Banking Cloud Credit Risk, a cloud-native credit risk calculation and reporting engine, which, according to the firm, saw significant advancements during 2020. Banking Cloud Credit Risk is designed to streamline clients’ regulatory compliance processes, while rapidly and cost-efficiently addressing specific current and future regulatory capital and reporting requirements. Clients benefit from advanced data management and validation capabilities for loading, transforming and mapping data, ensuring consistency across calculations and regulatory reports.
According to María Cañamero, senior product strategist, banking regulatory technology, at Moody’s Analytics, Banking Cloud Credit Risk helps banks streamline their regulatory compliance functions, given that Moody’s Analytics takes care of all regulatory maintenance requirements, which not only supports current regulatory mandates but future ones too.
“The solution is pre-configured for regulatory rules for more than 50 jurisdictions and we also take care of regulatory maintenance, which means that whenever there is a change in any local regulation within any of the jurisdictions [we cover], we adjust the configuration and publish it in the customer’s environment three months before the regulation comes into force,” Cañamero explains. “Clients also benefit from our advanced data management capabilities for the loading, transformation and mapping of their data, which ensures that they have consistency across the calculations and reports they produce.”