September 24, 2015 - Atom, the UK's first bank designed for digital, has chosen Wolters Kluwer Financial Services' OneSumX Regulatory Reporting solution to manage its U.K. and European Banking Authority regulatory reporting requirements.

Atom Bank opted for Wolters Kluwer Financial Services after conducting a search for a technology vendor that could provide a comprehensive regulatory reporting solution, subject matter expertise and localized implementation services and support.

In June 2015, Atom Bank announced that it had been granted its license by the Bank of England, enabling it to push ahead with plans to launch products and services to customers later this year. Atom is currently developing a range of personal and business banking products and services that will be delivered and serviced using its mobile app.

"Championing customer experience with a low-cost model, transparent pricing and digital innovation is what we are all about at Atom. And, like all banks, we need to ensure we have robust systems in place that can demonstrate our commitment to upholding the highest standards," said Dave McCarthy, Atom's Chief Financial Officer. "With this in mind OneSumX enables us to effectively manage our reporting requirements, enabling navigation of the regulatory landscape and we look forward to implementing this leading solution."

OneSumX Regulatory Reporting, part of OneSumX for Compliance, uses a single source of data to help ensure consistency, reconciliation and accuracy. The solution enables firms to address statutory, prudential, transactional and statistical requirements on a local and global scale.

"In today's environment, financial institutions are constantly adapting and developing. The rise of so called challenger banks is a particularly interesting trend in the U.K. market," said Clive Pedder, managing director, EMEA, Wolters Kluwer Financial Services. "We are delighted that Atom has recognized our long established expertise in the regulatory reporting arena and we remain committed to developing solutions that meet customers' most demanding needs."