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Dresdner Bank Luxembourg Goes Live with Financial Studio

Financial Architects (FinArch), an international provider of business intelligence and financial reporting software, announced today that Dresdner Bank Luxembourg S.A. has gone live with Financial Studio® , to be used as their detailed ledger.

Dresdner Bank Luxembourg S.A. adopted FinArch’s Financial Studio® solution, a single reporting platform and operational data warehouse that allows for integrated and automated internal and external reporting processes across the bank. A detailed general ledger combined with the inherent procedures for multi-GAAP derivation as well as the rules-driven generation of additional accounting entries provide the foundation for the bank’s reporting needs to hold the balances in local GAAP and head office GAAP for multiple entities located in different countries.

At the same time, Financial Studio® produces both the internal management reporting and Head Office reporting according to the rules set forth through the International Accounting Standards (IAS). Profitability calculations on products and business lines and centralised cost allocations generate a multi-dimensional view on costs and profitability and enable the bank to adequately measure its performance, from overall bank position to the lowest level of detail.

Dresdner Bank Luxembourg S.A. will leverage on their current implementation of Financial Studio® with the addition of the Financial Studio® Maestro to automatically generate accounting entries needed for different GAAP reports. Financial Studio® Maestro plugs in to any source system and creates an open, coherent accounting environment with tried-and-tested tools that are fully customisable to the bank’s particular needs. It takes data (events) from the source system, processes them according to the pre-defined business and accounting logic and makes them available to any target system, including general ledger, regulatory reporting…

This centralised solution provides for flexible generation of accounting entries needed for different GAAP reports and thus accommodates important changes in accounting practices for multi-GAAP requirements. Financial Studio® Maestro works alongside - and adds value to – existing banking systems and third party tools and, even more importantly, enables core banking systems to be independent from any accounting practices and future changes. With this new contract FinArch enforces once more its position in the European market as a provider of business intelligence and financial reporting software and tools for the finance industry. Dirk De Beule, Managing Director, comments : “We use our customer experiences to streamline our development efforts. Financial Studio® Maestro facilitates easier reporting, analysis and overall management but also allows entries to be generated at the frequency that suits both the bank’s internal policy and the external regulations.”