Source: Financial Architects
Financial Architects (FinArch), international provider of a Finance Resource Planning (FRP) platform for the finance industry, today announced that Bank of Baroda has selected FinArch's Financial Studio Basel II solution.
The solution integrates a sophisticated Basel II calculation engine and supports the Common Reporting (CoRep) standards.
Bank of Baroda, being a FinArch customer for many years, now has the opportunity to consolidate its financial reporting onto one single database, using the comprehensive Financial Studio compliance solutions for regulatory and Basel II reporting purposes. Its 'out-of-the-box' functionality, with highly customisable modules and a scalable database, allows for rapid deployment of any sized project, from small local implementations to full-scale enterprise-wide solutions on a global basis. As it comes with a widely-used industry-specific data model, Financial Studio enables smooth integration with the bank's standard source systems, databases and platforms, and gives Bank of Baroda the flexibility to quickly and cost-effectively implement the Basel II solution.
FinArch is listed by Gartner as a leader in the Basel II space and has acquired global experience with Basel II implementation projects across different jurisdictions and different approaches, across a multitude of banking products and portfolios. The combination hereof with its many years of regulatory reporting experience has resulted in quite innovative solutions that allow financial institutions to simplify the Basel II implementation process from data capture to report submission. Built on a comprehensive risk data model, where all required data is pre-defined and documented, the Financial Studio Basel II solutions allow for quick and easy interfacing.
Juan Carlos Bernardo, Compliance Manager at Bank of Baroda, adds "We need to ensure that the regulatory reporting is done promptly and efficiently. We also need efficient and professional support in case of problems. We have chosen the flexible FinArch solution for this purpose, taking into consideration the long and efficient collaboration between Bank of Baroda and FinArch as far as the regulatory reporting is concerned."
Frédéric Simons, VP Regional Development at FinArch, comments "We are obviously pleased with the continued confidence from our customers. In the current climate of continuous extensions and changes of regulations, the ability to accurately and quickly report is of utmost importance to the banks. We deliver the means to do so, comfortably and cost effectively."
FinArch's Basel II solution embraces much more than a basic, rapid, short term solution. It enables the banks to meet regulatory demands for stricter compliance, while at the same time gaining additional business benefits by improving reporting flows, increasing return on IT investment through a cost-saving exercise. It is a future-proof solution, as it guarantees automatic future compliance, but also supports expansion from a Basel II Standardised Approach into IRB. And as it shares a common data model with the Financial Studio platform solutions, it ensures a smooth transition to an advanced risk package, or to a complete FRP (Finance Resource Planning) solution, in case the bank should wish to embrace one integrated solution that leverages the convergence between compliance, accounting, MIS, and risk management issues.