Thomson Reuters Expands Verified Entity Data Service to Cover AnaCredit

AnaCredit requires eurozone lending institutions to submit up to 98 data points on corporate debtors on a loan-by-loan basis where the debt exceeds €25,000 ($29,000), though some eurozone countries have opted for lower rates—including Portugal, where debt reporting starts at €1. Denmark and Sweden have also agreed to participate in the new reporting scheme.

The AnaCredit solution is an extension of Thomson Reuters’ Verified Entity Data as a Service, which provides data on 3.1 million legal entities. Thomson Reuters’ analysts tailor the content services based on the portfolios of the entity to ensure coverage of their lending counterparties and new data fields required for reporting. Analysts maintain the information and deliver it to clients to meet monthly reporting requirements.

“This offering has the continuity and consistency of the Verified Entity Data as a Service, but with the added module of regulatory reporting capabilities, which allows existing clients to scale out that capability with new modules, and allows new customers that are looking for regulatory reporting requirements to access and enjoy the base service as well,” says Stuart Martin, managing director of risk information and learning services at Thomson Reuters.

Covered attributes include tax information, national identifiers, economic activity information, balance sheet information, legal proceeding status, legal form and eligibility type, and accounting data.

“The banks will have a lot of that internal information about the structure of the loans and the information around the counterparty from a private perspective, and Thomson Reuters will supplement that with its traditional counterparty reference information,” he says.

AnaCredit is intended to provide the European System of Central Banks with detailed information on the region’s debt exposures. Based on client feedback, Thomson Reuters decided to offer the AnaCredit capability to address regulatory burdens without requiring clients to outsource obligations or build the technology internally, which would be difficult to do at scale, says Martin. 

“We will offer complementary data services that take on some of the burdens of the reporting issues. These initiatives and capabilities are born from our engagement with the industry and with our clients,” he says. “It’s us [Thomson Reuters] building things that our clients require, as opposed to us looking at the regulatory landscape independently and building things they may need, so it’s really tailored to the specific requirements of our collective client base.”

Thomson Reuters also plans to offer similar capabilities that cover new legislation in other jurisdictions, such as securities information reporting in the US under the Qualified Financial Contracts Legislation and upgrades to MAS 610 in Singapore.

AnaCredit is scheduled to take effect in the European Union in September.