Source: Financial Architects
Financial Architects (FinArch), international provider of a Finance Resource Planning (FRP) platform for the finance industry, today announced that KBC Bank NV, Sucursal en España (KBC Iberica), the Spanish branch of KBC Group, selected the Financial Studio solution to comply with regulatory reporting requirements in Spain.
With its 11 million customers, KBC Group is one of Europe's leading financial groups. KBC Group occupies a key position in its two home markets of Belgium and Central Europe (Czech Republic, Hungary, Poland and Slovakia). Having successfully made the transition from Belgian bank to international organisation, KBC now provides totally integrated merchant banking services, creating access to the full scope of its multinational presence to deliver both local and cross-border solutions and expertise. The bank is opening a branch in Madrid, Spain, and to comply with the Spanish banking regulations, KBC Iberica opted for FinArch's Financial Studio solution to provide the regulatory reporting as required by the Bank of Spain.
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 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.
Frédéric Simons, VP Regional Development at FinArch comments: "We provide KBC Iberica with a solution that enables to leverage financial information with great flexibility and analytical depth, while preserving the high standards of data integrity and completeness to which the KBC Group adheres to. We trust that we will be able to build a mutually successful and long-term relationship with KBC."
Luc Nouwen, General Manager of KBC Iberica adds: "Our Spanish operations will be directed to international companies operating in Spain and to Spanish companies with subsidiaries in countries where KBC is active. We are convinced that we can offer significant added value to Spanish companies among others via our presence in Central Europe and China. Moreover, KBC Iberica will participate in the syndicated loan market and in leveraged finance transactions. As a new branch, we need to be able to focus on our commercial operations. At the same time we need to ensure that regulatory reporting is done promptly and efficiently. We have chosen the flexible FinArch solution for this purpose, because of the professional approach and the ability of the company to offer both local support in Madrid and central support via its Head Office in Belgium."