Source: Financial Architects
Financial Architects (FinArch), international provider of a Finance Resource Planning (FRP) platform for the finance industry, today announced that IKB Deutsche Industriebank AG (IKB) has outsourced the local regulatory reporting to the Bank of Spain for its Spanish operations to FinArch.
IKB, a specialist in the field of long-term finance, obtained its banking licence for Spain last May, and is thus required to comply with the regulatory reporting requirements of the Bank of Spain. FinArch handles the complete reporting process for IKB Spain, from data input to verification and validation and final report delivery to the authorities. The service includes all communication with the supervisors and management of the latter's remarks and observations.
"FinArch's regulatory reporting solution Financial Studio offers IKB full integrity and control to every stage in the reporting process" comments Nigel M Lee, VP Global Sales at FinArch. "It provides the bank with complete audit trail evidence of corrections made to the reports. A combination of our solution and professional reporting services, the bank's local operations are totally released from the reporting burden. It also enabled us to swiftly organise the reporting setup for IKB Spain, shortly after the opening of their local offices. The deal represents great trust in FinArch's competence and solutions in IKB's decision to outsource a very important part of their regulatory obligation."
"After a thorough review of the various alternatives in the market, we have selected the FinArch's solution and services as the best fit to meet our needs", says Oliver Weichold, Managing Director IKB Spain. "We require a solution that enables us to leverage financial information with great flexibility and analytical depth, while preserving the high standards of data integrity and completeness to which IKB has adhered for more than 80 years. We believe that FinArch is that solution."
Since its inception, FinArch provides customers worldwide with local accurate and timely compliance and global consistency. FinArch offers solid international experience and best-of-breed regulatory reporting. The FinReporter solution eases the burden of regulatory reporting for financial institutions as it complies with the reporting requirements of central banks, monetary authorities, and other financial regulators in multiple countries, as well as with the IAS directives and Basel II requirements.