Source: Financial Architects
Snoras Bank selects Financial Studio as its Basel II and Regulatory Reporting Solution for Latvia and Lithuania.
Financial Architects (FinArch), international provider of a Finance Resource Planning (FRP) platform for the finance industry, today announced that SNORAS Bank has selected Financial Studio for the provision of Basel II and Regulatory Reporting for both its operations in Latvia and in Lithuania.
SNORAS Bank is the second major bank in Lithuania to choose Financial Studio, reinforcing Financial Architects' position in the region. Regulatory timescales are such that banks find it increasingly necessary to select solutions providers that offer not only a sophisticated software product, but also competence, experience and confidence in delivering such solutions against aggressive regulatory time pressures.
FinArch has gained considerable experience in implementing Basel II solutions over the last two and a half years. Whether based on a consolidated risk and finance Datawarehouse, or as a rapid delivery solution (FinArch's Basel II Express solution), FinArch offers provides reassurance to its customers that their regulatory obligation will be met.
Financial Studio has been rated by Gartner as one of the leading global solutions for Basel II. It is one of the few solutions available which has an integrated regulatory reporting tool. Financial Studio's Basel II solution is part of a broader solution offering more advanced functionality for capital management, accounting, reporting and financial MIS. Financial Studio uniquely combines finance and risk data in a single repository providing a strong solution for IFRS, RAROC, Economic Capital, General Ledger, Subsidiary Ledger and Trading Ledger.
Gitanas Kancerevycius, Head of Risk Management at SNORAS Bank comments, "It was essential for us to consider the reputation and track record of success in selecting our Basel II solution provider. FinArch gave us the confidence we need in order to rest assured that we will meet our reporting obligations. The software solution from FinArch will also allow us to grow in the future without the need to re-visit the solution selection process. As a vendor with strong local presence in the Baltic region, we look forward to a long term partnership with FinArch."
The importance to FinArch of the SNORAS Bank relationship is paramount to FinArch's continued global expansion. "I am delighted that SNORAS has demonstrated such confidence in our solutions and the competence of our implementation team. It clearly demonstrates that Banks are subscribing to the FRP concept and are not simply seeing Basel II as a regulatory reporting issue." says Nigel Lee, Vice President for Global Business Development at FinArch. "We have entered a number of new key geographical markets in the last 12 months; it is very encouraging to see our market position being strengthened already in some of those markets." Lee adds.