New York – September 15, 2009. FinArch, the leading international provider of Finance Resource Planning (FRP) for the finance industry, today announced that one of the top US based global banks in the world has signed on with FinArch to address their bank holding needs with an automated regulatory compliance solution. The solution will be implemented with a phased approach and will cover the Regulatory Reports inclusive of key FR, FRY and FFIEC filings.
FinArch’s Financial Studio Compliance solution enables banks and financial institutions to meet regulatory demands for stricter compliance, while gaining additional business benefits by improving reporting flows, improving return on IT investment, and turning compliance into a cost-saving
exercise. The Financial Studio Compliance module offers standard and certified regulatory reporting functions, based on pre-defined reporting templates. It can be used as an integrated part of any Financial Studio solution or as a stand-alone module, meeting all compliance requirements for
financial reporting in these key areas: Regulatory reporting, Basel II compliance reporting, IFRS compliance reporting...
One of the key reasons the bank chose Financial Studio is the incredible flexibility the product offers, efficiently empowering the users to take full control of their own reporting domains.
This flexibility combined with the breadth of reporting covered, the complete automation of data take on
and report production, the solution offers the bank immediate return on investment compared with other alternatives available. In conjunction with the experience and professionalism of the FinArch team the proposition offered by Financial Architects was very compelling.
FinArch solutions, including Financial Studio, are based on the latest versions of Microsoft technologies, with SQL Server as the scalable database. The user interface in particular utilizes
Microsoft Office products, such as Excel 2007 and Visual Studio Tools for Office, to deliver an innovative user experience through familiar desktop technology.
Nigel Lee, CCO at FinArch, comments: "This new agreement cements our position as the leader in the space of risk and financial management software. In today’s times of financial turbulence, we are happy to see a substantially increased interest in our solution and our integrated FRP concept
from the US but also Europe, the Middle East and Asia. We at FinArch are obviously very happy to provide our customers with the ability to capitalize on our FRP vision, as they can leverage an immediate return on their investment thanks to the implementation of one platform only for their entire risk and financial management software.”
”Microsoft and its partners help financial institutions manage risk and meet compliance needs with solutions that automate and simplify governance, compliance and risk management,” said Susan Hauser, vice president, Worldwide Financial Services, Microsoft. “Today’s announcement of the FinArch Financial Studio Compliance solution implementation at a major global bank clearly demonstrates the power and value of our platform for collecting, analyzing and monitoring risk
reporting and performance metrics. By connecting systems that drive new operational efficiencies, Microsoft platforms help to increase transparency and accelerate innovation across the global banking enterprise.”
About Financial Studio
Financial Studio is the first fully integrated Finance Resource Planning (FRP) solution for banking and financial institutions. Financial Studio solves the specific needs of the finance sector and addresses all the factors involved in the convergence of risk management and accounting practices
across all banking and financial disciplines.
Financial Studio’s ‘out-of-the-box’ functionality, with its highly customisable modules and scalable database, allows for rapid deployment of any sized project, from small local implementations to full-scale enterprise-wide solutions on a global basis. A
suite of generic, or foundation, modules underpin the power and security of the Financial Studio FRP solution. These include an industry standard data model, highly flexible multi-dimensional reporting hierarchies, powerful archiving tools, audit trail and historical information management, and rule-based engines.
The integrated approach of the different modules (Basel II, IFRS/IAS, Liquidity Risk, E-Cap, ALM, Regulatory Compliance, Accounting …) guarantee economies of scale and ease of implementation.
Based on an open architecture, FinArch’s solutions allow for easily integrating with any existing banking IT systems, while easing the burden of regulatory reporting as it complies with the reporting requirements of central banks and monetary authorities all over the world.
FinArch’s FRP concept sets out an integrated approach to the consolidation of data and business processes management across the finance and risk functions leveraging from one single source of data, ‘One version of the truth’. This approach significantly enhances the financial institutions ability to make good decisions and accurately report results based on consistent information across business and functional lines. FinArch has been positioned by Gartner, Inc. as one of the leaders in the Magic Quadrant for Basel II software applications.
About FinArch
FinArch (Financial Architects nv), with offices in the major financial centres worldwide, is a global value leader in providing a new generation of financial management software. The concept of the FRP platform and the integrated approach of the different modules enable innovative financial
institutions to quickly implement tactical solutions meeting the overall strategic objectives.
FinArch provides a unique blend of domain expertise, operational services, and technology solutions that accelerate and facilitate financial institutions’ ambition to implement a cost effective and reliable financial management platform.
For more details, please contact:
Nigel LeeChief Commercial Officer
FinArch US, Inc.252 E. 61st Street, Suite 6BS
New York, N.Y. 10065
tel 1-212-421-3049
email:
press.office@finarch.com