Bank Central Asia selects IFRS Packaged Solution from FinArch
Ghent/Jakarta – November 24 2009. Financial Architects (FinArch), the leading international provider of an integrated risk and finance management solution for the finance industry, today announced that Bank Central Asia (BCA) has selected its Financial Studio to become compliant with the upcoming Indonesian IFRS requirements referred to locally as PSAK 50/55.
BCA is the largest non-government commercial bank in Indonesia. The bank chose the FinArch solution after a rigorous evaluation process across all major vendors.
FinArch is the only vendor in the IFRS market today that has a complete end-to-end solution from a transaction event up to the regulatory report. With Financial Studio BCA will implement a modular based solution that will manage IFRS/PSAK 50/55 from taking in the transactions, generating cash flows, calculating the IFRS valuation, generating the postings, and feeding the resulting entries back the main GL.
Roy Marsh, VP Asia Pacific at FinArch states: “We, and our partner Anabatic Technologies, are delighted to confirm BCA as our first customer in Indonesia. With the validation of our IAS/IFRS templates by Ernst & Young earlier this year and BCA adding to our global list of IFRS customers, we have clearly confirmed our position in the market as a highly capable, trusted IAS/IFRS partner. We look forward to extending our customer base in Indonesia as banks respond to their PSAK 50/55 deadlines." Marsh concludes.
FinArch's IFRS solution, part of its flagship Financial Studio, is a modular based and integrated solution that provides definition and triggering of all common banking events, associated IFRS accounting templates for identified business events, full multi-GAAP processing to respond to local, head office and IFRS books, complete audit trail for easy drill-back from an IFRS balance back to the originating postings and events, and integrated FinRep reporting. The Financial Studio accounting templates are organised into logical product families that facilitate a well-structured, gradual implementation. Accounting templates are available for all fixed income products, treasury, equities and other non-fixed income, derivatives, loans, deposits, mutual funds, and fee business. For completeness sake, it includes also support for all non-banking activities like building & facilities and human resources. Earlier in 2009, Ernst & Young validated FinArch’s IAS/IFRS templates, confirming once again the value of the solution.
Coupled with Gartner Magic Quadrant rated Risk and Capital Management and MIS functionality, including Basel II, RAROC and Economic Capital, Financial Studio also delivers integrated regulatory reporting for CoREP, FinREP and local regulatory reporting functionality for over 12 countries ‘out of the box’. FinArch is also the winner of the category ‘Risk & Finance Integration’ in Chartis Research’s annual RiskTechTM 2009, testimony to the current demand in the market for its products, and not least for its IFRS solutions which clearly underpins the need for convergence between risk and accounting functionality. Financial Studio is thus rapidly becoming the solution of choice for many banks world-wide, which choose to effect strategic financial transformation in a component based, minimal risk and business justifiable manner.
About Bank Central Asia
Bank Central Asia is the largest privately owned bank in Indonesia and the third largest by assets of all banks. BCA provides commercial and personal banking services through about 850 branches in Indonesia. Its lending activities include home loans and refinancing, apartment and car loans, and loans to corporations and small businesses. The bank also offers insurance, treasury, and international banking services.
About FinArch (Financial Architects nv)
FinArch (Financial Architects nv), with offices in the major financial centers worldwide, is a global value leader in providing a new generation of financial management software. With its highly customisable modules and scalable database, Financial Studio brings together in a single application environment the tools banks need to manage, measure, and report all their financial activities. The integrated approach of the different modules (IAS/IFRS, Liquidity Risk, ALM, Basel II, E-Cap, Compliance…) guarantee economies of scale and ease of implementation. With Financial Studio, FinArch has been ranked as the winner of the ‘Risk and Finance Integration’ category in Chartis Research’s annual report RiskTech100TM (2009).
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.
About Anabatic Technologies
Since its formation, Anabatic Technologies has aim to deliver solutions required by companies to compete in today’s digital economy. The necessity to revisit their business processes has never been higher. In the phase of these global challenges, Anabatic is at hand to assist you through the changes.
Still in its early years, we have grown to be one of the foremost IT companies in Indonesia, supported by our international alliances and trusted by companies. The comprehension about local business practices and culture make successful implementation on private to public sector and provide them with integrated solutions on time and within budget.
This great achievement is also made possible by the development of our employees. We believe human capital that stand with our corporate value is the key to any company’s survivability even in today’s technology dominated business. Therefore, we have set a high benchmark in our recruitment and sustain our employees skills and knowledge through continuous learning. When it’s time to re-examine and lead you through the transformation of your business process, we are ready to present you with a solution that is reliable, cost-effective and trustworthy.
For more information, please contact:
Roy Marsh
VP Regional Business Development
FinArch APAC Pte Ltd
35th-36th floor UOB Plaza 1
80 Raffles Place
Singapore 048624