Financial Architects (FinArch), the leading international provider of Finance Resource Planning (FRP) for the finance industry, today announced that AB Bank SNORAS has signed an agreement with FinArch to upgrade their existing FinArch Basel II implementation to include the complete Financial Studio.
AB Bank SNORAS have chosen to upgrade the Financial Studio Basel II solution to the same Financial Studio Platform for IFRS Accounting and Regulatory Compliance Reporting, MIS and further Advanced Capital Management.
This was a strategic choice for AB Bank SNORAS with Financial Studio, the preferred platform to implement alongside the new back office system, for their requirements now and into the future. The business case evidenced that Financial Studio with its integrated platform and common data model was clearly the most suitable and comprehensive solution to run the banking group.
The decision to upgrade to the full Financial Studio is an important one for both AB Bank SNORAS and for FinArch. It builds on the great working relationship that has been established between the two companies and demonstrates the bank's confidence in FinArch's solutions and people. Together this lays the foundation for a long-term, strategic relationship between the companies and again demonstrates that Financial Studio is the only answer for banks that are considering moving to an integrated platform to support their finance and risk functions.
For AB Bank SNORAS the choice of full Financial Studio will enable them to benefit from the power and value of the Finance Resource Planning (FRP) vision, both domestically and across their growing banking group, driving down operational costs and increasing efficiencies.
For FinArch, this cements its position in the Baltic Region as the leading supplier of Risk and Finance Solutions and mandates the companies' position as the leading supplier of integrated risk and finance solutions.
Gitanas Kancerevycius, Head of Risk Management Department at Bank SNORAS says: "We are pleased to expand our cooperation with Financial Architects to the full extent. Applying Financial Studio for Basel II capital calculations for more than two years now, I am confident that further applications of Financial Studio will be successfully used for Bank SNORAS needs. We have built strong mutual confidence to entrust Financial Studio with all our back office tasks."
Mike Hendy, VP Regional Business Development at FinArch, states: "It's exciting that SNORAS has chosen to move forward with FinArch and Financial Studio. The concept of Financial Resource Planning (FRP) is one that delivers great benefits to financial institutions. SNORAS will benefit from FRP, linking Finance and Risk, Compliance and MIS, using the same set of data and calculations across the group. This makes sense for Bank SNORAS as they grow their business, but also for any bank that wishes to benefit from the rapidly changing market conditions and regulatory environment."