-- Combination of Professional Expertise and Advanced Software to Allow Banks to Achieve Significant Cost Savings in Bundesbank Compliance Reporting
Brussels, 5 July 2005 - BearingPoint, one of the world's largest business and systems integration firms, and FRS, a global leader in regulatory reporting, financial intelligence and analytics solutions and a business unit of S1 Corporation (Nasdaq: SONE), have announced the expansion of their partnership to incorporate financial analytics and regulatory reporting.
Leveraging upon the software strengths of FRS with the services and implementation knowledge of BearingPoint the partnership offers a robust and expert solution for German regulatory reporting, cross border reporting and for Basel II and IAS/IFRS compliance. The extension of the partnership with BearingPoint reinforces FRS' commitment to the German market. More than 50 customers within Germany are already benefiting from this strategic partnership, including Hypo Real Estate Bank, EuroHypo, DZ Bank and Sal.
BearingPoint and FRS have expanded their existing twelve year relationship to leverage fully their complementary expertise in the German financial analytics market to offer financial institutions a comprehensive solution for integrated risk and regulatory reporting solutions. In addition, the partnership will broaden FRS' global presence with FRS FinancialAnalytics and FRS Regulatory Reporting solutions already present in more than 25 countries now offers on the ground support and extended knowledge specifically for the German market. FRS FinancialAnalytics provides a centralized platform enabling increased consistency and control over both regional and global operations for regulatory reporting and also for IAS/IFRS and Basel II compliance.
Peter Schurau, Managing Director of BearingPoint, said: "In general, some competitive solutions available in the German market are suffering from years of under-development and lack of funding which has lead to out-dated technology, inflexibility in coping with changing regulatory landscapes.
Responding to the need for better infrastructure, BearingPoint and FRS have expanded their existing alliance which provides for integrated risk and regulatory solutions to address Basel II and reporting requirements both within Germany and for financial institutions whose reach extends beyond Germany."
"Through this alliance, financial institutions are benefiting from a truly global solution with local insight for financial analytics and regulatory reporting with resulting significant total cost of ownership advantages when compared to existing competitive solutions" commented Alain Tayenne, General Manager at FRS. Continuing, Tayenne said "Leveraging upon the software strengths of FRS with the services and implementation knowledge of BearingPoint, we create a solid basis for further strengthening our position in the German market. We can now offer a robust and expert solution for German regulatory reporting as well as cross border reporting including Basel II and IAS/IFRS compliance."
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