S1 subsidiary FRS, a provider of regulatory reporting and analytics software, is to integrate Business Objects' WebIntelligence solution with its financial reporting products with the aim of helping banks reduce the costs and time of Basel II compliance.
The FRS product suite delivers regulatory reporting, financial intelligence and analytics. Under the deal, FRS will also use BusinessObjects' Application Foundation as a key component of its FinancialAnalytics system.
The vendor says the new integrated software will provide banks with a pre-built suite of applications based on a common global data model to improve enterprise performance management, helping them to comply with regulations such as the reporting requirements of Basel II.
Andy Hirst, director of worldwide marketing for financial services, Business Objects, says: "An important part of our strategy is to work with specialised partners to help deliver robust, integrated solutions using our business intelligence technology and their domain expertise in financial services."
In addition, FRS has joined the Business Objects Open Financial Applications Initiative, a new global partner programme that was created to offer customers an open environment for incorporating data from enterprise, financial and performance management applications vendors into performance management solutions.