First BanCorp licenses SunGard's BancWare
29 May 2007 | 1963 views | 0
SunGard today announced that FirstBank of San Juan, Puerto Rico, a subsidiary of First BanCorp (NYSE: FBP), has selected BancWare to help it automate and streamline its financial and risk management processes.
BancWare will provide FirstBank with integrated asset/liability management (ALM), budgeting and forecasting, profitability, and funds transfer pricing tools to help the bank address its compliance requirements and better support its business strategies.
BancWare's ability to provide a holistic framework for financial and risk management across the balance sheet was key to FirstBank's decision to select the solution to help it seek better returns and retain its leadership position in Puerto Rico. BancWare will help FirstBank to improve efficiency through automation of its manual regulatory compliance reporting. BancWare will also help the bank to meet the growing demand for more and better information by providing risk-adjusted performance measures for strategic business decisions.
Fernando Scherrer, chief financial officer of First BanCorp, said, "As the bank grows, we increasingly need to more quickly and accurately analyze risk and performance measures for use in our decision-making. With its holistic approach to risk and financial management, BancWare supports the way we do business."
Terence Faherty, president of SunGard's BancWare business unit, said, "The partnership with FirstBank is an exciting opportunity for SunGard to help one of the 50 largest U.S. banks achieve its vision of obtaining a fully-integrated risk management solution."