Needs and Issues
The accounting and reporting processes of credit institutions are essential within these organizations and must be based on a platform with features specifically designed to meet their needs (IFRS 9, valuation of financial and derivative products, specific VAT management, Multi-Gaap, detailed analytical reporting and XBRL …).
However, most core banking platforms only partially meet these needs and force finance departments to resort to numerous data extractions, various manipulations and possible recalculations.
Problem: The accounting resources are then used for many tasks without real added value when they could concentrate on analytical tasks more apt to assist the general management.
Solution with Opexia: You have a new generation digital platform that follows the regulations in force and reporting (Taxonomy EBA, CSSF, BCL, ESMA, ACPR …) and the assistance of a team of expert consultants with a in-depth knowledge of regulatory aspects.
Outsource the accounting processing of your supplier invoices and VAT declarations
The processing of supplier invoices is a source of non-value for financial organizations. Likewise, the treatment of specific aspects of VAT returns for these organizations does not add much value to the organization. This is why Opexia PSF has created an accessible outsourcing offer on these processes in order to help organizations reduce their costs and improve their efficiency. The organization retains complete control of its processes thanks to real-time monitoring and adapted KPIs.
Services Included Accounting Start Package for Institutions:
1- Management of the accounting process and the payment of supplier invoices
2- Management of the VAT declaration process with the authorities
3- Monitoring of processing schedules and KPIs with audit trail
4- Provision of a storage and management platform for digital invoices
5- Digitization of invoices
6- Interface with the core banking system
Outsourcing of your accounting and reporting processes
The accounting treatments and processes within a financial entity, and more specifically a banking entity, have become more complex in recent years. Regulatory pressures continue to grow and require banks to be more coordinated and streamlined in terms of information production and dissemination for financial and risk reporting activities. Global post-crisis regulations regarding capital, liquidity, conduct and stress testing continue to increase in complexity and scope.
This is why Opexia PSF has created an accessible outsourcing offer on these processes in order to help organizations reduce their costs and improve their efficiency. The Opexia platform has been designed with the concept of Business Process Management (hereinafter “BPM”) as the native core capability to enable the improvement of accounting, regulatory and risk reporting processes and collaboration between bank teams.
The organization retains complete control of its processes thanks to real-time monitoring and adapted KPIs.
Services Included Accounting Smart Package for Institutions:
1. Services included in Accounting Start Package + Services included in Reporting Smart Package +
2. Management of the monthly closing general accounting process;
3. Management of the cost accounting process with monthly closing;
4. Management of consolidation and internal reporting processes;
5. Management of the Nostri Reconciliation process;
6. Management of multi – GAAP revaluation / provisioning entries and in particular IFRS 9;
Outsource regulatory and financial reporting
Reporting processes have undergone significant development in recent years. The subject is becoming more and more complex to manage both in terms of reporting production and in terms of change management, with the need to constantly monitor the subject. The need to respect exchange formats in terms of security as well as the evolution of new technologies such as open APIs make the matter more and more technical, although the added value for the end customer is somewhat non-existent.
This is why Opexia PSF has created a monitoring and assistance offer also including an accessible outsourcing offer on these processes in order to help organizations reduce their costs and improve their efficiency. The Opexia platform has been designed with the concept of Business Process Management (hereinafter “BPM”) as the native core capability to enable the improvement of accounting, regulatory and risk reporting processes and collaboration between bank teams.
The organization retains complete control of its processes thanks to real-time monitoring and adapted KPIs.
Services Included Reporting Smart Package for Institutions:
1- Management of FINREP financial reporting and other local formats (France / Belgium / Sweden / UK ..)
2- Management of COREP EBA reporting;
3- Management of LIQREP reporting and liquidity stress tests;
4- Management of IRRBB reporting and IR stress tests;
5- Management of open API CSSF circular 20-747 reporting;
6- Management of MIF / TAF reporting;
7- BCL Statistical and ANACREDIT reporting management;
8- Management of internal customized reporting and financial / budgetary analysis (group and external);
9- Data analysis tools and customized and regulatory dashboards (regulatory ratios)