FRSGlobal, a leading global provider of multi-country regulatory reporting solutions for financial institutions, today announced that Elavon Financial Services Ltd, a licensed credit institution and European business unit of U.S. Bancorp (NYSE:USB), has signed a contract to work with FRSGlobal to implement its FinancialAnalytics software solution for Elavon's European regulatory reporting, and provide updates to new and existing reports for the period of the five year agreement.
Elavon needed a comprehensive solution to report on its financial operations across Europe. With this new system, the bank will consolidate the reporting activities for its operations in the UK, Poland, Belgium, The Netherlands, Germany and Spain from its headquarters in Dublin, Ireland.
Malcolm Towlson, Chief Financial Officer of Elavon Financial Services, commented: "In the stringent and complex regulatory and compliance landscape across Europe, it is vital that Elavon is supported by the right partner. FRSGlobal took a diligent approach to understanding our operations and demonstrated its expertise in compliance reporting. This innovative solution will support our current and future business growth and operations."
Under the agreement, FRSGlobal will work with Elavon to implement its FinancialAnalytics software, hosted and supported in Dublin, and provide updates to new and existing reports as part of the subscription agreement. The first stage of the project will involve configuring the software to Elavon's data sources and to automate its regulatory reporting requirements.
After a rigorous selection exercise, Elavon selected FRSGlobal because the solution can support European variations in language and terminology, has the flexibility to grow with the bank's future operations, and will enable it to expand its business activities across Europe.