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Bank Simpanan Nasional selects FinArch for FRS 139 compliance

27 May 2009  |  3211 views  |  0 Source: Financial Architects

Financial Architects (FinArch), the leading international provider of Finance Resource Planning (FRP) for the finance industry, today announced that Bank Simpanan Nasional (BSN), Malaysia's national savings bank, has selected its Financial Studio solution to provide FRS 139 Compliance.

BSN chose FinArch because of its proven expertise, its deep understanding of FRS139 requirements, the accuracy of their calculated results and the subsequent postings generated. For BSN, the superiority and functionality of the software were decisive factors for the selection of Financial Studio, including its specific banking data model with a unique event driven architecture, the calculation of IFRS specific valuations such as effective yield, amortised cost, and impairments, and the way delta postings can be generated. This was further underpinned by FinArch's outstanding and demonstrable understanding of IFRS together with the large and growing number of successful implementations around the world.

Frederick Siew, SVP Finance of BSN, comments that BSN was very much impressed by FinArch in the Proof Of Concept: "This was further supported by the knowledge pool of subject matter specialists that gave the evaluation committee the confidence to select FinArch as the bank's partner for this project. This partnership will enable the bank to enjoy the knowledge transfer from the experience and expertise of FinArch's global talent pool."

"It is the knowledge supporting the technology that gave BSN the evidence that FinArch and Financial Studio provide the answer to their FRS139 implementation needs," Jeff Tan, VP Asia Pacific, states. "This partnership with BSN clearly demonstrates our commitment to continued growth and unparalleled service provision for the Asia Pacific region", he adds.

FinArch, with its flagship Financial Studio, is also considered by Gartner to be one of the global leaders in the provision of Basel II solutions. Financial Studio is the first fully integrated Finance Resource Planning (FRP) solution for banking and financial institutions. 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.

The FRP concept sets out an integrated approach to the consolidation of data and business processes management across the finance and risk functions leveraging from one single source of data, 'One version of the truth'. This approach significantly enhances the financial institutions ability to make good decisions and accurately report results based on consistent information across business and functional lines. The FRP approach is modular and allows financial institutions the flexibility to add value to the business units without the need to overhaul their existing systems and, at the same time, lay the foundation of an overall strategic platform.

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