Van Lanschot Bankiers rolls out FinArch Financial Studio
06 May 2008 | 3137 views | 0
Source: Financial Architects
Financial Architects (FinArch), a leading provider of enterprise-wide analytical software solutions for financial institutions today announced that Van Lanschot Bankiers N.V., one of the oldest, independent banks in Europe, has selected FinArch's Financial Studio as the core platform to answer its capital management and regulatory reporting requirements.
In search of a global and integrated solution that addresses short and longer term needs, Van Lanschot Bankiers has opted to implement FinArch's Financial Studio in Belgium in order to automate Basel II, IAS/IFRS accounting generation, MIS and Belgian regulatory reporting by end 2008. The 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. Its enterprise-wide capabilities make Financial Studio the perfect solution for Van Lanschot Bankiers N.V.
Basel II calculation and COREP reporting constitute the project's first short term deliverable. Henk Schottert, Director Financial Control & Risk Management, Van Lanschot Bankiers, states: "For a private bank, such as ours, efficient credit risk mitigation is essential to demonstrate the actual low exposure of the bank towards its customers. After analysing the market, we found in Financial Architects the proven solution for our need. Moreover, the integration of Basel II with CoRep reporting, a necessity for a bank of our size, is hapenning very smoothly. FinArch's Financial Studio also proved to be the unique solution for the complete automation of a series of IAS/IFRS specific accounting processes, Basel II Pillar 2, head office reporting, and, last but not least, the integration of our MIS reporting on the same data and platform." He adds: "The modular approach of Financial Studio suits us perfectly as it allows for a phased implementation in line with our available resources, while the flexibility and the openness of the product enables us to take full control and ownership of, in particular, our MIS. FinArch has impressed us with their the professionalism: their very detailed pre-study clearly presents the detailed deliverables, the implementation project, and the total cost. With their demonstrated competences, we are confident that we have chosen the perfect solution and provider."
Frédéric Simons, VP Regional Development at FinArch comments: "We provide Van Lanschot Bankiers N.V. with a global strategic solution that enables them to leverage financial information with great flexibility and analytical depth, while preserving the high standards of data integrity and completeness to which Van Lanschot adheres to. We trust that we will be able to build a mutually successful and long-term relationship with Van Lanschot. We at FinArch are looking forward to bring Van Lanschot Bankiers Belgium a strong long term environment fulfilling its external regulatory requirements and internal MIS requirements for the present and the future." The three-phased implementation started with Basel II (calculations) & Compliance and will end with the MIS module after deployment of IAS/IFRS Event Based Accounting to fully automate IAS/IFRS accounting for production of FinRep.
Financial Studio is the first fully integrated finance resource planning (FRP) solution for banking and financial institutions. Unlike generic ERP (Enterprise Resource Planning) systems, Financial Studio solves the specific needs of the finance sector and addresses all the factors involved in the convergence of risk management and accounting practices across all banking and financial disciplines. Financial Studio's 'out-of-the-box' functionality, with its highly customisable modules and scalable database, allows for rapid deployment of any sized project, from small local implementations to full-scale enterprise-wide solutions on a global basis. A suite of generic, or foundation, modules underpin the power and security of the Financial Studio FRP solution. These include an industry standard data model, highly flexible multi-dimensional reporting hierarchies, powerful archiving tools, audit trail and historical information management, and rule-based engines.