A retail savings bank urgently needed to replace its inferior IFRS 9 solution provided by a traditional vendor in this space. The Bank initially felt it would be impossible to move away from their existing provider in a cost effective manner with minimal disruption.
The Bank had been depending on a traditional vendor to support their IFRS 9 requirements. Unfortunately it was taking far too long (often over 48 hours) to complete the calculation of their Expected Credit Loss (ECL).
The Bank desperately required a more modern-day solution, that could seamlessly run their ECL calculations in a shorter timeframe, with the added ability of running multiple simulations in the same environment and with minimal effort needed.
ElysianNxt provided a solution based on cutting edge technology enabling the Bank to step into the world of real-time risk management.
ElysianNxt proved in a very short space of time that the Bank could quickly and easily replace their existing platform and run their ECL calculations within a much improved 2 hour window.
What did the bank get out of it:
Confidently moving forward with phase 2
"Today’s Technology allows Financial Institutions to run what-if analysis on the fly and present results in no time. Given the current economic climate and in line with upcoming regulations, this is no longer a nice to have but a crucial strategic element."
- Matthias Coessens, Managing Director Europe - ElysianNxt
ElysianNxt is a Belgian-Thai RegTech company focused on providing the best real-time Risk and Finance solutions. By using cutting edge technology, it enables financial firms to respond in a faster and more cost-effective manner to business, economic and regulatory changes. ElysianNxt has offices in Brussels, London, Bangkok and Jakarta. www.elysiannxt.com
ElysianNxt is a fast-growing RegTech company focused on developing the most technologically advanced, user-friendly, real-time Risk and Finance solutions. Comprised by seasoned industry veterans and subject matter experts, the company was established to provide an alternative solution to the traditional, outdated, monolithic applications that the financial industry is accustomed to in their quest to automate their back-end financial calculation obligations.
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