Engineering, a leading company in the implementation of IT systems for the banking sector, and Oracle, the world's largest enterprise software company, today announced they have signed a collaboration agreement for the development of solutions and to deliver services enabling financial institutions to quickly and flexibly comply with the regulatory mandates included in the Basel II Agreement.
The Basel II Agreement includes new operative risk, credit and market management regulations to which financial institutions must adhere which require the adoption of specific solutions to analyze the elements of risk, supported by appropriate datawarehousing and business intelligence architectures. Based on the agreement signed by Engineering and Oracle the two companies will team their application and technological expertise to implement a platform on which to develop specific solutions based on Oracle technology. The agreement also plans for the use of advanced datawarehousing and Business Intelligence tools enabling the implementation of a reliable, simple to manage, application platform capable of handling high data volumes and of generating accurate analyses at considerably lower costs than competitive systems.
Through the collaboration agreement with Oracle, Engineering will design an operative risk, credit and market management platform, already funded by a research project in the final stages of its implementation, it is based on Oracle 10g architecture (Database and Application Server) and on a number of components of Oracle's application suite (Oracle E-Business Suite).
In addition to solving all risk management issues the proposed platform also represents a new leap towards an integrated management of the new IAS accounting principles (International Accounting Standard) within credit and financial environments. The partnership addresses the Italian financial market, though it will leverage Oracle's global expertise on one hand, as well as the experience developed by Engineering's participation in international workgroups.
'The banking sector requires a solution offering based on technological excellence and highly qualified domain skills. Based on this perspective, the collaboration with Oracle provides the competitive advantage enabling Engineering to challenge a strategic issue destined to become the main driver of change to the system in forthcoming years' - said Alfredo Belsito, head of the Finance division of Engineering.
'Reliability, performance, scalability and low management costs have always been the strengths of Oracle's offering - said Sergio Rossi, Vice President Sales Technology Oracle Italia - our technology represents the cornerstone helping companies respond to the new regulatory mandates with increased transparency. The agreement with Engineering and the opportunity to leverage the combined experience developed on these issues with customers will enable us to create the synergy needed to deliver on our promise and to increase our competitiveness in the marketplace.'.