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.
About VirtusaPolarisVirtusaPolaris, the market-facing brand reflecting the combined strengths of Virtusa Corporation and Polaris Consulting & Services, Ltd. is a global provider of information technology (IT) consulting and outsourcing services that accelerate business outcomes for Global 2000 companies and leading software vendors in banking and financial services, insurance, healthcare, telecommunications, technology, media and entertainment.
VirtusaPolaris’ solutions address the CXOs’ dual challenge of growing revenues while improving IT cost efficiencies.
VirtusaPolaris’ digital services leverage innovative new technologies to reimagine the customer experience, increasing retention and creating lasting value.
VirtusaPolaris’ preemptive outsourcing solutions help clients reduce risk and improve IT operations.
VirtusaPolaris delivers services across the IT lifecycle, including consulting, solution design, technology selection, implementation, testing and maintenance & support, including infrastructure support.
Inheriting a strong heritage in software engineering, VirtusaPolaris is highly qualified to both develop and maintain software, using a proven platforming methodology and advanced Agile and Accelerated Solution Design techniques to reliably produce results on time and within budget.
Holding a record of success across industries and unparalleled domain expertise, VirtusaPolaris understands clients’ business challenges best and uses that to deliver distinctive, differentiated and innovative application of technology to solve those problems.

Examples of large business transformations completed include the world’s largest P&C claims modernization program, one of the largest corporate customer portals for a premier global bank, an order to cash implementation for a multinational telecommunications provider, and digital transformations for media and banking companies.
Virtusa Corporation is headquartered in Massachusetts, and together with Polaris, has 50 offices across North America, Europe and Asia.
Polaris Consulting & Services is a subsidiary of Virtusa Corporation.

Copyright © 2016 Virtusa Corporation.

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For more information, please contact:Cathy O’NeillSpark Communications / Tel: 020 7436 0420 / Email: cathy@sparkcomms.co.uk

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