FinArch, the leading international provider of Finance Resource Planning (FRP) for the finance industry, today announced that one of the top US based global banks in the world has signed on with FinArch to address their bank holding needs with an automated regulatory compliance solution.
The solution will be implemented with a phased approach and will cover the Regulatory Reports inclusive of key FR, FRY and FFIEC filings.
FinArch's Financial Studio Compliance solution enables banks and financial institutions to meet regulatory demands for stricter compliance, while gaining additional business benefits by improving reporting flows, improving return on IT investment, and turning compliance into a cost-saving exercise. The Financial Studio Compliance module offers standard and certified regulatory reporting functions, based on pre-defined reporting templates. It can be used as an integrated part of any Financial Studio solution or as a stand-alone module, meeting all compliance requirements for financial reporting in these key areas: Regulatory reporting, Basel II compliance reporting, IFRS compliance reporting...
One of the key reasons the bank chose Financial Studio is the incredible flexibility the product offers, efficiently empowering the users to take full control of their own reporting domains. This flexibility combined with the breadth of reporting covered, the complete automation of data take on and report production, the solution offers the bank immediate return on investment compared with other alternatives available. In conjunction with the experience and professionalism of the FinArch team the proposition offered by Financial Architects was very compelling.
FinArch solutions, including Financial Studio, are based on the latest versions of Microsoft technologies, with SQL Server as the scalable database. The user interface in particular utilizes Microsoft Office products, such as Excel 2007 and Visual Studio Tools for Office, to deliver an innovative user experience through familiar desktop technology.
Nigel Lee, CCO at FinArch, comments: "This new agreement cements our position as the leader in the space of risk and financial management software. In today's times of financial turbulence, we are happy to see a substantially increased interest in our solution and our integrated FRP concept from the US but also Europe, the Middle East and Asia. We at FinArch are obviously very happy to provide our customers with the ability to capitalize on our FRP vision, as they can leverage an immediate return on their investment thanks to the implementation of one platform only for their entire risk and financial management software."
"Microsoft and its partners help financial institutions manage risk and meet compliance needs with solutions that automate and simplify governance, compliance and risk management," said Susan Hauser, vice president, Worldwide Financial Services, Microsoft. "Today's announcement of the FinArch Financial Studio Compliance solution implementation at a major global bank clearly demonstrates the power and value of our platform for collecting, analyzing and monitoring risk reporting and performance metrics. By connecting systems that drive new operational efficiencies, Microsoft platforms help to increase transparency and accelerate innovation across the global banking enterprise."