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Strong growth for FinArch as Prime software supplier for Regulatory Reporting

Brussels - 16 October 2002

Financial Architects (FinArch), an international provider of business intelligence and financial reporting software, has secured 12 new customers for its regulatory reporting module FinReporter.

The new contract wins coincide with the new upcoming ECB regulations where banks are confronted with additional reporting requirements and where the need for a future proof application was imminent.

This important number of new clients brings FinArch in the forefront as the prime software supplier of regulatory reporting in Belgium since the launch of the product in 1998, which was driven by the Belgian Bankers Association, the company managed to become a reputed partner for banks. The quality of the software and the company's high responsive support services in combination with a strong commitment towards the user base has fuelled this growth. This makes FinArch unique in the market and is an important decision factor for banks when switching from a competitive solution.

Frédéric Simons, Product manager FinReporter, comments: "Since we signed our first customer in 1998, we have not seen any of our users looking for an alternative. They see us as a long-term partner who will help them through a challenging period of regulatory changes, with a unique and strong focus on reporting."

The company has gone against the trend in the technology sector. In 2002 the revenues will double compared to last year, resulting in a sound profit margin. The recent contract wins and growing customer base will assure our current and future clients to have FinArch as a business partner for the future.