FinArch, the international provider of financial management software, and its local partner TIM are proud to announce the accomplishment of the first milestone in the execution of EastWest Bank's Financial Transformation Program in the Philippines.
In just seven months, after selecting Financial Studio for their Financial Transformation Program, Eastwest Bank has gone live with phase 1. Phase 1, with the new ledger solution from FinArch, provides the bank with timely, granular and more accurate reporting. Internal reporting comprise information on the bank's net income, subledger and trial balance for the bank's senior management, financial management group, and accounting.
The new ledger solution lies on a foundation built on a financial data architecture supporting both risk and financial data. EastWest Bank also runs Financial Studio's event-based accounting engine to generate the accounting entries from transactions which existing systems do not provide and to execute balance sheet transfers, for the purposes of the dynamic reporting requirements of bank management and the regulators.
Apart from supporting the sophisticated reporting needs of the users, both internal and external, the new ledger solution is also used by more than 400 users over the bank's head office and 78 branches. The implemented solution should reduce manual entries and the reconciliation effort, while improving the workflow and efficiency of the accounting division, as the focus will be less on data capturing and more on analysis and controllership.
Having a central repository for risk and financial data meant that Financial Studio interfaced with 12 sources systems from various business areas - further strengthening the bank's initial belief in a single source of information.
In the next phase, the regulatory reports (BSP FRP), MIS, and internal and external risk reporting (Basel II and ALM) will be implemented.
"This ledger solution of Financial Studio is pivotal to the bank's aim of consolidating its financial management efforts. With bank management having ready access to bank financial information from a single version perspective, it puts the bank in a more competitive stance in the realization of its strategies and plans. As seen from the dedication of the implementing team, the bank is truly glad to have partnered with FinArch and TIM who shared with the bank its objective of achieving financial transformation," says Antonio C. Moncupa, Jr., President of Eastwest Bank.
Nigel Lee, Chief Commercial Officer at FinArch, states:"I'm delighted with the go-live of this maiden FinArch project in the Philippines. From the obvious synergy of the project team at the project kick-off - Eastwest Bank, FinArch and TIM - I felt confident that everyone had the sole objective of having a ledger solution to support the business, and that all were truly motivated to that objective. This is now evidenced with the go-live after only seven months. Needless to say, endorsement and direct involvement from the bank's senior management played a major role in this success."
"We congratulate EastWest Bank for the success of its financial transformation program. TIM is indeed honored to be the chosen solution integrator and implementation partner of the bank for this flagship project. With FinArch as our partner for Financial and Risk Management solutions, this milestone project in the Philippines shall serve as a valuable customer reference site worth emulating by other financial institutions", says Jose Mari M. Antunez, President and CEO, Total Information Management Corporation.