KBC Banking Group chose ElysianNxt for IFRS9 replacement

ElysianNxt Elevates Credit Risk Management with Successful Completion of IFRS9 Project for KBC Banking Group

Sataporn Ungcharoenwong
KBC IFRS 9 with ElysianNxt Press Release

Brussels, 20 June 2024 – ElysianNxt, a leading innovator in financial technology solutions, celebrates the triumphant culmination of its IFRS9 project for KBC Banking Group. The project, which commenced in June 2022 and achieved go-live status in October 2023, marks a significant milestone in advancing credit risk management capabilities for financial institutions.

Selected amidst formidable competition from well-known companies in the industry, ElysianNxt emerged victorious after an exhaustive selection process that included a hands-on proof of concept. Regulators and internal stakeholders underscored the critical need for expedited throughput time and enhanced what-if analysis functionalities, all while prioritizing user-friendliness. ElysianNxt rose to the challenge, delivering a solution that not only meets but exceeds these stringent requirements.

At the core of the project was KBC Banking Group‘s vision to invest in a next-generation architecture that is future-proof and cloud-deployed. ElysianNxt seamlessly integrated cutting-edge technologies to create a robust platform that not only fulfills KBC Banking Group’s immediate needs but also lays a solid foundation for future growth and innovation.

KBC Banking Group’s commitment to fostering innovation within the Belgian FinTech scene is exemplified through its partnership with ElysianNxt. By collaborating with local industry leaders like ElysianNxt, KBC Banking Group reinforces its dedication to driving technological advancement within the financial sector, contributing to Belgium’s reputation as a thriving hub for FinTech innovation.

Luc Popelier, CFO KBC Group: “KBC’s focus on innovation and flexibility allows us to proactively address the needs of a rapidly changing society. This is an absolute condition for continued success. We have always been at the forefront of new digital developments, which we combine with the power of human interaction. When we contacted ElysianNxt to replace the IFRS9 solution we had in place, we were looking for a fast, flexible and reliable solution. And that’s exactly what ElysianNxt provided. They built a flexible and very user-friendly solution on time and within budget that enables us to react accurately and flawlessly to changing risk factors.”

Linda Demunter, General Manager Experts, Reporting and Accounting KBC Group adds to this: “When I first heard of the ElysianNxt pitch, I thought it sounded too good to be true. To my pleasant surprise, they delivered on all their promises. We couldn’t have found a better partner to empower our users across various locations with the ability to run as many simulations as they desire.”

“We are thrilled to announce the successful completion of our IFRS9 project for KBC Banking Group,” said Chris Puype, CEO of ElysianNxt. “This project showcases our unwavering dedication to delivering cutting-edge solutions that empower financial institutions to navigate complex regulatory landscapes effectively. Through our collaboration with KBC Banking Group, we have demonstrated the transformative power of technology in revolutionizing credit risk management.”

ElysianNxt remains committed to driving forward the evolution of financial technology, empowering institutions worldwide to thrive in an ever-changing landscape. The successful completion of the IFRS9 project for KBC Banking Group stands as a testament to ElysianNxt’s commitment to excellence, innovation, and partnership.

About ElysianNXT

ElysianNxt's Basel and IFRS9 solutions are part of a pioneering, end-to-end Financial Risk platform that was built using the latest streaming technologies. By using a distributed microservices architecture compared to a traditional central-database design, the solution can process large quantities of information in real-time. Users can react quickly to changes by performing real-time stress testing and running multiple simulations on the fly to see the immediate impact in minutes. The user-friendly system interface design provides useful information from the portfolio level, which can be drilled down to the contract level and exported in various formats.

KBC Banking Group chose ElysianNxt for IFRS 9 replacement

About KBC Group

KBC is one of the leading financial groups in Europe. It is a multi-channel bank-insurance group with a geographic focus on Europe, catering mainly to retail clients, SMEs and local midcaps. The group occupies significant, and in many cases leading positions in its core markets of Belgium, Czech Republic, Bulgaria, Hungary and Slovakia. The KBC group has also selectively established a presence in a number of other countries and regions around the world. KBC Group employs around 41000 staff and caters for about 13 million clients in its core markets. KBC Group NV is listed on Euronext Brussels (ticker symbol 'KBC').

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