FinArch, an international market leader in integrated finance and risk solutions for the financial services industry, announced today that a leading global energy trading firm is implementing FinArch's Sub Ledger solution.
The energy trading firm which is part of a large European-based home and business Energy Supplier, selected FinArch's Sub Ledger solution to accurately report its FX Profit and Loss (P&L) attribution. FinArch's solution replaces the different systems and manual processes which the company previously deployed in order to automate, capture and accurately report the FX exposure of its traded position and to produce its daily P&L and Trial Balance.
"This new customer acquisition perfectly complements our mission of further expanding our offering to Energy and Commodities Traders," states Nigel Lee, Chief Commercial Officer at FinArch. "Energy and Commodities Trading is a growing business with increasing regulation and complexity. We're excited to leverage our knowledge and our expertise gained through our implementations at international financial institutions also to this sector."
FinArch's Sub Ledger is part of FinArch's flagship Financial Studio. FinArch's Sub Ledger solution caters for the controlled processing of event based postings and calculation of detailed multi GAAP Sub Ledger balances for different sets of financial, energy and commodities products. The flexible yet functionally rich Sub Ledger solution is able to supply out of the box capabilities to deliver standard journal management functionalities, Event-Based Accounting templates, multi currency handling and FX Processing and P&L Management as well as a comprehensive integrated Financial Reporting suite which includes Trial Balance, Asset and Liabilities and P&L Statements, P&L Explain and normal Balance Sheet Reporting. Financial Studio, which leverages the scalability, performance and affordability of the Microsoft technology platform, is robust and scalable providing companies comfort in the knowledge they will be implementing a platform which can cater for current and future volumes of business. Financial Studio is transparent and delivers audit control as welll as a flexible rules based data integration layer. An integrated Reconciliation engine ensures a fully integrated and reconciled front to back architecture.
FinArch's Sub Ledger solution is a strategic and core component of the Financial Studio Finance and Risk platform and provides not only a best of breed, stand alone solution for the Sub Ledger but also an integrated component of a single platform that includes modules for Risk and Capital Management including Basel II, Basel III, Liquidity Risk, Cash Flow Management, Economic Capital and ALM solutions. This provides financial institutions with additional strategic options for addressing functional requirements in the future in an integrated, cost effective manner.
With Financial Studio, FinArch is considered the Market Leader for integrated Risk & Finance for the financial services industry - testimony to the current demand in the market for its solutions, and not least for IAS/IFRS. This clearly underpins the need for convergence between risk and accounting functionality. Deployed by the largest international banks, Energy and Commodities Trading firms in the world, Financial Studio is thus rapidly becoming the solution of choice for institutions, which choose to effect strategic financial transformation in a component based, minimal risk and business justified manner.