Managed services for leasing companies

The challenge

The regulatory landscape is not only shifting for banks at a rapid pace, but even so for leasing companies. Despite not always being equipped with a full-scale compliance and IT department as within the banking industry, leasing companies are nonetheless expected to comply with similar regulations. Since January 2022, lease companies active on the Belgian market are subject to CAP/PCC and BECRIS reporting as well. b.fine has been in touch with several lease companies regarding our regulatory expertise for leasing companies. And that’s where our managed services comes into the picture. Through managed services we can tackle several issues at once.

What benefits did our leasing clients experience with managed services?

1.  Getting a grip on the cost of compliancy and evolve to predictable costs with no surprises. The leasing company doesn’t need to expand its compliancy department with experts in the domain of regulatory reporting nor does it need to invest in additional reporting systems. b.fine’s managed services consists of a full-service offering. This implies that b.fine ensured that the clients’ reporting obligations are performed by b.fine’s regulatory experts  on its state-of-the-art RegTech platform, b.rx. And all of these are billed at a previously agreed fixed fee.  

2.  Saving time by removing time-consuming tasks from the teams and allowing them to focus on their core business and improve their competitive advantage. While b.fine takes care of all the reporting obligations and maintains the reporting systems, the leasing companies could free up resources to develop and drive the business.  

3.  Getting easy access to a regulatory expertise and obtaining the right level of support. The continued war for talent makes it difficult for individual firms to attract and retain the adequate staff. By engaging with b.fine, our clients could leverage on the expertise of seasoned experts within the domain of regulatory reporting and stay ahead of any upcoming regulatory change.  

4. Regaining control and oversight of the different reporting cycles through standardization and higher level of automation. Implementing managed services results in a stronger process governance with clear roles and responsibilities.  And thus although our clients are no longer in charge of every small step of the process, they  stay in control of the overall performance of the process through the monitoring of pre-defined SLA-linked KPI’s.  

5. Making use of the latest technology and boosting the performance of their reporting infrastructure. With b.fine’s b.rx platform, our clients benefit from the latest cloud and data capabilities ensuring a fast, reliable and automated transmission of their regulatory reports towards the regulator. The reporting environment is kept up-to-date as well so clients didn’t need to worry about impacts of regulatory changes on their reporting infrastructure.   

Overall, thanks to the managed services, leasing companies can evolve to a peace of mind for their regulatory reporting processes. More and more financial institutions are rethinking the way they are producing regulatory reports and are opting for a managed services offering of a seasoned regulatory reporting partner. b.fine has developed a managed services framework which can be tailored to each client’s specific needs.

Want to know more about managed services? Discover our offering below.

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