Implementation of Reveleus Will Bring Wachovia into Alignment with Basel II Directives
Bangalore, June 12, 2006: Reveleus™, a business of i-flex® solutions and a global provider of analytical applications for the financial services industry, today announced that Wachovia Corporation, the fourth largest bank holding company in the United States, has selected the Reveleus Basel II Solution. Reveleus will provide Wachovia with a complete, pre-packaged solution enabling Wachovia to compute regulatory capital as per the Advanced Internal Ratings Based Approach of the Basel II Accord.
Wachovia is one of the Tier 1 banks mandated by the United States banking regulators to comply with the Basel II capital adequacy directives.
Speaking on the relationship, Pete Carlson, Senior Vice President, Director of External Reporting at Wachovia said, “We chose Reveleus for the completeness and flexibility of the Reveleus Basel II Solution and its ability to meet our current and future requirements. Furthermore, we’ve found that the Reveleus team possesses deep expertise and a detailed understanding of the Basel II regulatory capital requirements. Wachovia is looking forward to our partnership with Reveleus to help ensure that we meet our compliance deadlines.”
Commenting on the customer win, S. Ramakrishnan - CEO of Reveleus said, “The selection of Reveleus by Wachovia, as well as other Tier 1 North American Banks validates the vision, functionality and breadth of Reveleus’ Enterprise Risk and Compliance offerings. We are committed to delivering on our strategic partnership with Wachovia to ensure that the Bank can accurately measure and manage its capital requirements. ”