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Ghent/Tel Aviv – September 22 2009. Financial Architects, international provider of a Finance Resource Planning (FRP) platform for the finance industry, announced that Isracard has implemented its solution as a platform to calculate the Isracard Group’s capital management requirements.

Isracard, Israel’s number one Credit Card company, initiated a software evaluation project in 2008, and selected FinArch, expanding FinArch’s footprint in Israel. FinArch’s Financial Studio solution ensures compliance with the Basel II regulation under Pillar I, Pillar II and Pillar III.

With Financial Studio, Isracard has implemented a solution widely recognised as market leading in the space of risk and capital management. Gartner for instance has positioned FinArch in the Leaders Quadrant in the Magic Quadrant for Basel II software applications. Financial Studio’s risk and capital management solutions come with an extensive range of functionality to address the requirements of Basel II, Liquidity Risk, Economic Capital, RAPM, ALM and other risk-related performance measurement ratios. It provides a fully integrated capital and risk management solution that delivers comprehensive support for enterprise-wide credit, market, and operational risk management, ensuring compliance with external regulations. Organisations maximize the investments made to meet the immediate short term requirements, meanwhile building a comprehensive capital framework and enterprise risk management platform with superior internal controls.

Rami Shpayer, Operation Department Manager and Chief Risk Controller at Isracard, comments: “Financial Studio is calculating and reporting the required capital needed and the capital adequacy according to Basel II. Currently, the report is structured according to the European CoRep regulations. We look forward to proceeding with this successful collaboration in line with definitions and specific structures as specified by the Bank of Israel”.

Frédéric Simons, VP Regional Business Development at FinArch, says: “Financial Studio offers high scalability in terms of volume and functionality and, thus, makes the perfect solution for Isracard Group. This relationship demonstrates FinArch’s further success and ongoing commitment to the Middle East region. We are very pleased with Isracard’s confidence in our company to provide them with a sophisticated risk and capital management platform.”

The Financial Studio FRP platform embraces accounting, risk and capital management, MIS and compliance solutions, and is used by many financial institutions worldwide. FinArch is positioned as a leader in Gartner’s Magic Quadrant for Basel II software applications. The company’s focus coupled with a solution that can be scaled to meet broader corporate performance management, has thus been recognized by the global financial markets.

About Isracard LTD
Isracard LTD (hereafter Isracard) was founded in 1977 and was incorporated under the companies Act. The Isracard group consists of several companies dealing in all aspects of credit card activity. The Isracard group is the sole representative of American Express in Israel, and also represents international credit cards as Mastercard and Visa in Israel . Isracard owns the most popular local credit card “Isracard”.

www.isracard.co.il 

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 platform and the integrated approach of the different modules enable innovative financial institutions to quickly implement tactical solutions meeting the overall strategic objectives in financial reporting.

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.

www.finarch.com