Following the acquisition of Wüstenrot, MONETA Money Bank entrusted the data integration into the data warehouse to Adastra
During the first six months of the project, Adastra integrated all the customer, product, and other necessary data from Wüstenrot’s enterprise systems into the new owner’s data platform.
The newly consolidated data warehouse then formed the basis for generating consolidated reports for the MONETA Building Society and MONETA Money Bank entities.
In cooperation with Adastra, MONETA’s regulatory reporting delivered the first consolidated report to the CNB in February this year, i.e. within 10 months of the project’s start date.
Solution to a problem
In connection with their acquisition of Wüstenrot – stavební spořitelna (Wüstenrot – Building Society) and Wüstenrot hypoteční banky (Wüstenrot Mortgage Bank), MONETA Money Bank faced a daunting task: to consolidate the regulatory reporting to the CNB for both the bank and the building society from the common group platform.
Challenges associated with the acquisition
In April 2020, following regulators’ approval of the transaction, MONETA, together with Adastra, launched a comprehensive data consolidation project with a fixed timeframe. It included:
A new approach to regulatory reporting
MONETA itself did not offer building society products and services. After the acquisition was approved, the bank needed to add them to its product portfolio and reporting systems, while simultaneously taking into account that they are treated differently from banking products in terms of reporting to the CNB.
Integrating the IT ecosystems of both institutions
The aim was to incorporate the systems used by Wüstenrot into MONETA’s IT systems and architecture and, in certain cases, to replace the systems used by MONETA.
Unified reporting within a year
The CNB set a timeframe of less than a year to transfer and integrate Wüstenrot’s mortgages and building society products into the consolidated entity’s regulatory reporting.
MONETA chose Adastra to handle the data integration
MONETA Money Bank has relied on Adastra for more than 15 years. Adastra was there when MONETA’s data platform was first launched; they developed it in cooperation with the bank and know it down to the tiniest detail. This is why MONETA turned to Adastra once again to take on the role of data integrator for the consolidation of regulatory reporting to the CNB.
Who participated in the project
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