FRS, a global leader in regulatory reporting and financial analytics solutions and a business unit of S1 Corporation (NASDAQ: SONE) and i-flex solutions, a leading provider of information technology to the worldwide financial services industry, announced a global agreement to address the complex and constantly changing regulatory reporting requirements for banks.
The agreement enables banks to reduce the cost and complexities associated with compliance by providing a streamlined reporting solution for the delivery of required regulatory reporting data between financial institutions and central banks. Under the terms of the agreement, i-flex will promote FRS solutions to their customers around the world.
FRS FinancialAnalytics is FRS's award-winning solution that ensures the accuracy and integrity of financial and regulatory reporting for banks in more than 20 countries. i-flex's FLEXCUBE product suite has been ranked the No. 1 selling banking solution in the world for 2003 by International Banking Systems (IBS-UK) for the second consecutive year.
Rakesh Khanna, Head - Product Marketing of i-flex solutions said, "Complying with constantly changing regulatory reporting requirements can often be a challenging and tedious task for banks. The expertise of FRS in this field is proven by their impressive list of banking customers and the number of countries covered. FRS FinancialAnalytics, coupled with the FLEXCUBE product suite, provides our customers with an integrated solution for regulatory reporting."
According to Alain Tayenne, FRS general manager, "The integrated solutions from FRS and i-flex have been proven in leading banks around the world, such as ACCBank, a member of the Rabobank Group. The alliance also provides international banks with a truly global solution for centralizing and standardizing back-office systems and reporting requirements to increase cost effectiveness and improve productivity."