Afin Bank, a UK-based digital bank, has successfully implemented Wolters Kluwer Finance, Risk & Regulatory Reporting (FRR)’s OneSumX for Regulatory Reporting. The initial deployment provides last-mile regulatory reporting for critical submissions including COREP, FINREP, BEEDS (Bank of England Statistical Reporting), and PRA 110, delivered through a flexible, cloud-based SaaS model. Future phases are slated to introduce comprehensive regulatory calculations, automated data mapping, and a robust cashflow engine to support broader needs in IRRBB, liquidity risk, and asset liability management.
Afin Bank is dedicated to offering accessible financial services to communities often underserved by traditional institutions, such as diaspora communities in the UK and self-employed borrowers. With a commitment to transparency, simplicity, and inclusion, the bank offers specialized mortgage and savings products.
Dean Sonderegger, Senior Vice President and General Manager at Wolters Kluwer FRR, commented on the collaboration, stating, “Afin Bank is a powerful example of how innovation and inclusion can go hand in hand. By combining immediate compliance capability with a platform designed to grow with it, Afin Bank can focus on its mission while staying ahead of evolving regulatory demands.” Sonderegger noted that OneSumX was chosen for its modular design and functional advantages, making it ideally suited for new market entrants. He added that its design offers the ability to commence with targeted capabilities and expand seamlessly over time, highlighting the close collaboration between Wolters Kluwer’s professional services team and Afin Bank’s finance team, including Lorraine Shalley, Head of Treasury and Regulatory Reporting, to ensure precise configuration and a smooth go-live.
Charles Resnick, CFO of Afin Bank, praised the solution, saying, “Wolters Kluwer’s OneSumX solution is flexible, scalable and robust. Its expertise and professionalism gave us complete confidence that we were making the right decision for our business, both for today and for the long-term.” Shalley further added, “The regulatory and ALM functionality provides Afin Bank with the tools it needs now and as the bank grows, allowing us to focus on helping to drive the performance of the business.”
Wolters Kluwer FRR is a division of Wolters Kluwer Financial & Corporate Compliance (FCC), which provides a range of technology-enabled lending, regulatory, and investment compliance solutions, alongside corporate services and legal entity compliance solutions. Wolters Kluwer, a global provider of information, software solutions, and services, reported 2024 annual revenues of €5.9 billion and serves customers across more than 180 countries.
