VirtusaPolaris Announces Global Reseller Agreement with SAP to Transform Trade Repository Reporting
London, (7 July 2016) – VirtusaPolaris, the market-facing brand of Virtusa Corporation and Polaris Consulting & Services, Ltd. and a leading worldwide provider of information technology (IT) consulting and outsourcing services, today announced the signing of a global reseller agreement with SAP SE (NYSE:SAP). As part of the agreement, SAP will resell VirtusaPolaris’ trade repository reporting solution EMIRIS as the SAP® Trade Repository Reporting application by Virtusa. The cloud-based solution is now globally available, enabling clients using the SAP Treasury and Risk Management application to automate their processes relating to the legal requirements of reporting the lifecycle events of dedicated derivative transactions.
Statutory obligations of reporting to various trade repositories can often be a time-consuming and complicated process for both financial and non-financial companies. For companies managing derivative transactions, the reporting of lifecycle events is legislated differently across the various global markets, which makes the process even more complicated. Despite the fact that such lifecycle events are vaguely understood, the main challenge is to record, prepare and map the data needed against the different legislation schemas. In addition to this, some of the trade repositories require additional fields or sometimes even new types of data, which makes the process highly complex and costly. In order to help companies with this process, SAP now offers a comprehensive automated solution for the reporting. SAP Trade Repository Reporting supports EMIR, and the reporting of dedicated OTC derivatives across asset classes as required by regulatory requirements.
“Importantly, our dedicated team monitors regulatory changes as well as trade repository changes to their APIs, to enable proactive implementation of necessary changes to the solution”, said Henrik Crone, senior director, VirtusaPolaris. “We provide this service within our offering so that our clients can give complete focus to their core business.”
“We are delighted to collaborate with SAP to help financial and non-financial companies successfully meet their regulatory requirements. Leveraging our strong understanding of the derivatives market coupled with a wide range of advisory services for regulatory requirements, we are uniquely positioned to help our clients automate and transform their operations to drive efficiencies and cost advantages,” said Joakim Wiener, senior vice president, VirtusaPolaris.
“Clients are increasingly demanding automation of repository reporting processes,” said Martin Naraschewski, vice president, Finance Solutions, SAP SE. “With today’s announcement, SAP and VirtusaPolaris are striving to help clients meet obligations of current legislation, as well as those in the future, so that users are enabled to eliminate what used to be a very time-consuming process.”
For more information, please visit us at the International SAP Conference for Treasury Management from July 12-14, 2016 in Barcelona, Spain.
