Licenses WebIntelligence and BusinessObjects Application Foundation
SAN JOSE, Calif. and LONDON, June 9, 2003 â Business Objects (Nadaq: BOBJ), the leading provider of business intelligence solutions, today announced that it has signed an OEM agreement with FRS, a global leader in regulatory reporting and financial analytics solutions and a business unit of S1 Corporation (Nasdaq: SONE). In addition, FRS has joined the Business Objects Open Financial Applications Initiative, a new global partner program from Business Objects that was created to offer customers an open environment for incorporating data from the leading enterprise, financial, and performance management applications vendors into enterprise-wide performance management solutions. FRS will integrate WebIntelligenceÃ from Business Objects with its financial reporting products, providing Web-based reporting capabilities to deliver financial intelligence to users across the enterprise. FRS, which has more than 600 customers in the financial services industry worldwide, will also use BusinessObjectsÃ Application Foundation as a key component of its FinancialAnalytics offering.
New accounting standards and regulatory reporting requirements are forcing financial institutions worldwide to upgrade their systems for reporting critical financial information. Faced with more stringent regulations such as the New Basel Accord (Basel II), banks are demanding cost-effective solutions to automate and streamline their complex, multi-country regulatory reporting and risk management processes. Under the terms of this agreement, Business Objects and FRS will offer a best-in-class solution for regulatory reporting and financial analytics, improving enterprise performance management for financial institutions. Analytic applications built using BusinessObjects Application Foundation will help users of FRS FinancialAnalytics leverage the underlying data foundation to gain valuable insight to manage credit and market risk, reduce and control costs, and improve the overall performance of their business.
"Our agreement with Business Objects underscores our commitment to provide financial institutions worldwide with a complete solution for their financial reporting requirements," said William A. Soward, general manager of FRS. "With the increased disclosure and reporting requirements associated with Basel II, banks are now able to focus more on business performance and reducing risk while simultaneously responding quickly to regulations and industry standards. In addition, through the Business Objects Open Financial Applications Initiative, FRS can offer its customers a best-of-breed approach to deploying enterprise performance management solutions."
The FRS product suite delivers regulatory reporting, financial intelligence, and analytics, providing the financial information to meet both the external requirements of regulators as well as the internal demands of business users across the enterprise. With this announcement, banks around the world now have a pre-built suite of applications based on a common global data model to improve enterprise performance management in the areas of regulatory, risk and financial control.
"An important part of our strategy is to work with specialized partners to help deliver robust, integrated solutions using our business intelligence technology and their domain expertise in financial services," said Andy Hirst, director of worldwide marketing for financial services at Business Objects. "FRS is well known for regulatory reporting capabilities and we are pleased that they are licensing Application Foundation to complement the depth of their FinancialAnalytics suite, and also joining the Business Objects Open Financial Applications Initiative which illustrates the growing momentum for this program. "