FinArch, a leading provider of banking software, announced today that Banque Chaabi du Maroc, a key institution of the Groupe Banques Populaires, a leading Moroccan financial services holding, has selected Financial Studio, FinArch's advanced FRP platform, as their regulatory reporting system across their European branches.
Following a rigorous competitive bid, FinArch was chosen by Banque Chaabi du Maroc to equip their branches in Spain, the Netherlands, the United Kingdom and Belgium with Financial Studio, a best-in-class integrated platform for finance and risk.
For this first wave of branches, FinArch will initially serve a large number of users to automate and manage their daily activities around regulatory reporting requirements. The system achieves significant increases in productivity and allows maintaining a high degree of automation and compliance to ever-evolving legal requirements.
Looking towards future developments and expansion of this strategic partnership, the renowned bank is making no secret of its development ambitions in Europe, with the scheduled opening of over 40 branches. Backed by its assertive strategy, the Banque Chaabi du Maroc wished to equip its European branches with a banking software suite that combines the best of technology and banking regulations in a way that it can overcome both technological progression of the initial architecture and evolution of regulatory requirements across selected geographies.
Mohamed Allouch, General Manager of the bank's European network states: "A local presence across Europe's main financial hubs, highly qualified support, training and implementation teams, proven knowledge of banking business lines and activities, as well as a state-of-the-art technology base were the main strengths of FinArch".
FinArch's powerful framework, based on Microsoft technology, was also a key element in the decision making process. Financial Studio equips the bank with the most technologically modern system for data management and both regulatory and internal disclosures, while embracing the banks expansion strategy and enhancing the traditional craft of Banque Chaabi's banking business.
Philippe Meyer, Vice President at FinArch, is delighted by the selection of Financial Studio: "We are delighted to see Banque Chaabi du Maroc joining the FinArch community. This partnership is extremely valuable to us and underpins the financial markets' perceived value of FRP, and confirms Financial Architects as uniquely placed to offer integrated solutions for finance and risk across multiple geographies in today's competitive environments".