Novabase’s Symetria® solution was recently chosen by Bankinter, EuroBic, Novo Banco, Parvalorem and Wizink as a reporting tool for Banco de Portugal’s new Central Credit Register. The solution simplifies reporting and compliance obligations by ensuring that obligations are met under the regulatory framework of Banco de Portugal’s Central Credit Risk Register, while also providing risk management and analysis tools.
To meet the new demands of AnaCredit (Analytical Credit Dataset) – a new database with detailed individual information on euro area bank loans in line with functional criteria laid out by the European Central Bank – Symetria® manages and monitors the entire consolidation process for information which must be reported to Banco de Portugal’s Central Credit Register, following the protocols handed down by this regulator, centralizing information distributed by Banco de Portugal and ensuring that all financial institutions can access their customers’ credit information.
Since regulating and analysing information is a growing concern among central banks, Symetria® aims to be a tool to support financial institutions in this process, allowing more information to be reported in greater detail to meet their regulatory requirements at the lowest possible cost and risk.
Novabase Executive Director Afonso Mota says that “this tool is tailored to the needs of financial institutions, allowing compliance with European Central Bank criteria, Banco de Portugal obligations and regulatory obligations at the lowest possible cost and risk. Symetria® was created to enhance financial systems’ transparency, such as data reporting, in accordance with the efforts of banking regulators and financial markets on a worldwide scale, and above all in Europe.”
Currently, Novabase’s Symetria® is already being used by Millennium bcp, Cofidis and Banco CTT, for a total of eight financial institutions who have now chosen Novabase’s solution for reporting to Banco de Portugal.