Source: Financial Architects
Financial Architects (FinArch), international provider of a Finance Resource Planning (FRP) platform for the finance industry, today announced that East West Banking Corporation has selected FinArch's Financial Studio solution for its Financial Transformation Program (FTP).
FTP starts with the implementation of a sub-ledger that will provide greater granularity in MIS and profitability reporting.
EastWest Bank has selected an integrated approach to its Financial Transformation Program, using the proven and mature business data model that is key to the working of the Financial Studio platform. The Financial Studio solution includes an extensive list of standard management reports that allow for in-depth profit, cost and risk analysis and for tracking facilities through flexible drill-through functionality.
With the advent of more complex and detailed reporting required by EastWest Bank senior management for business planning, and by the Bangko Sentral ng Pilipinas (BSP) for compliance, the Bank decided to embark on a search for a flexible system capable of meeting current and future requirements. The system has international "best practices" built into its functionality as the adoption of Basel II and IFRS come more into play in the Philippines.
The value proposition of Financial Studio - a single repository of risk and financial data, a readily-available business data model and deep functionality for Accounting, MIS, Risk and Reporting in a single platform - was attractive. EastWestBank will be in good company, joining FinArch's global clientele, some of whom have used Financial Studio from as far back as 1998 and who continue to use it. FinArch's local partner, Total Information Management (TIM), will be engaged in the project from day one and will eventually be first-line support for EastWest Bank.
After about six months, the Bank will realize the benefits of better data quality, fully reconciled and auditable reports, granular and dynamic MIS and a comprehensive and flexible sub-ledger.
Phase two will involve another "quick win" implementation for Basel II and the new BSP FRP compliance requirement. This fast-track implementation will be made possible by the resolution of data issues that were managed in the firs the first phase, and the independence the Bank can enjoy from knowledge transferred during the first implementation. FinArch, listed as a leader in Gartner's Magic Quadrant for Basel II software, has acquired global experience and expertise with Basel II implementation projects across different jurisdictions and using different approaches to the development of a multitude of banking products and portfolios.
Tony Moncupa, Jr., President and Chief Executive Officer of EastWest Bank comments, "It was our topmost priority to have a solution that could best respond to our need for timely management reports and up to date performance monitoring. Our Financial Transformation Program is a key strategic initiative and it was important for us to partner with a tested and one of the best solution provider. We are confident that FinaArch's comprehensive solution package will also be most appropriate for our risk and compliance requirements. We look forward to a long-term partnership with FinArch."
"I'm extremely happy to have EastWest Bank as the first Asian client, and am especially pleased with how the Bank intends to use Financial Studio. Even as soon as at the first phase, EastWest Bank will have multiple views of the Bank's business and for its compliance; tapping on the use a single repository of risk and financial data in a single platform - a single instance of the truth - exactly how Financial Studio is meant to be used," says Judy Khaw, VP Regional Development at FinArch.