RSU Rating Service Unit, the provider of credit rating systems and related IT services for German Landesbanken has selected GoldenSource to provide a platform that will facilitate receiving data from multiple suppliers and offer individual data feeds to banks.
GoldenSource said the impetus for the deal was ongoing pressure for industry standardisation towards single platform use and responding to regulations such as BCBS239 and FRTB.
RSU was set up by eight Landesbanken and DekaBank in 2003 to provide information about credit risks. With financial supervisory approval of the rating systems offered, RSU can make these available to other clients than its own founding and shareholding banks. External clients now include institutions from all three sectors of the German banking system, as well as other financial services providers, international institutions and institutional investors. The LB Rating system is being used by some 7,000 financial professionals globally, it claims. The founding banks include Bayern LB, DekaBank, Helaba, HSH Nordbank, Landesbank Berlin, Landesbank Baden-Wurttenberg, Nord LB and Saar LB.
The deal follows a previous one in the German market, involving a German/Italian banking group based in Munich, GoldenSource said.