US bank Wells Fargo is using technology from i-flex subsidiary Reveleus to build its credit capital calculation application for Basel II.
The bank is using the Reveleus Basel II product as the basis of its credit risk system. The technology will provide Wells Fargo with a complete set of rules, computations, business definitions and underlying data structures to help the bank achieve compliance with the Advanced Internal Ratings-based approach of the Basel II Accord.
S Ramakrishnan, CEO of Reveleus, says the technology is built to simplify the complex Basel II Accord mandates and will enable the bank to utilise existing processes and structures.
Nick Deshpande, head of Wells Fargo's corporate project office, says: "We sought a partner with a proven track record of execution in the Basel II space and an application that would work well with the structure of our business."
Wells Fargo is the third Tier 1 bank to sign for the Reveleus package in recent months, following contract successes with Lloyds TSB and Citibank.