Source: Financial Architects
Financial Architects (FinArch), international provider of a Finance Resource Planning (FRP) platform for the finance industry, today announced that ICICI Bank UK Ltd, a subsidiary of ICICI Bank, selected Financial Studio.
ICICI Bank, which is India’s second largest bank, made its entry into mainland Europe last May by opening offices in Belgium. Financial Studio provides an integrated solution that allows banks to gradually step up and take on different business drivers such as compliance, capital management, accounting and MIS.
FinArch’s general approach to financial management brings together financial and risk reporting and risk as well as the new compliance requirements for IFRS under one roof. All required data for regulatory reporting and IAS/IFRS disclosures as well as for Basel II calculation and reporting is offered in a single but modular solution. It comes with all the required input data definitions to help banks optimise the necessary interfaces to capture the data from their various source systems.
FinArch fully supports XBRL (eXtensible Business Reporting Language) and the appropriate taxonomies for regulatory reporting, Basel II calculation & reporting as well as IAS/IFRS disclosures, as and when they are released by the regulators. FinArch’s goal in this respect is to respond to the evolving CEBS requirements and to enhance transparency in regulatory reporting for the banking business environment.
Frédéric Simons, VP Regional Development at FinArch comments : “With the Financial Studio platform, FinArch has already proven its ability to meet the global compliance requirements of small, mid-size and major financial institutions. FinArch is pleased to serve ICICI Bank as a long-term partner, and to help them through a challenging period of changes in the banking community.”