Microsoft EMEA has announced it is working with FinArch, the business intelligence and financial reporting software provider, to develop software solutions to address the Basel II Capital Accord.
The partnership between the two companies forms part of Microsoft's pan-EMEA strategy to work closely with leading vendors in the financial services industry. At an EMEA level, Microsoft has been conducting thorough business reviews of various companies to find the appropriate partners to tackle the finance market.
Chantal Sohier comments: "Working with Microsoft supports FinArch's expansion on a pan-European level and allows us to fully leverage Microsoft technology to provide a future-proof solution that tackles both the Basel II and IAS/IFRS regulations. Financial institutions that adopt a true enterprise approach to risk assessment and management processes to meet advanced capital methodologies stand to gain a significant competitive advantage."
Paul Shetler, Financial Sector Manager, Microsoft EMEA comments "Microsoft is delighted to be working with FinArch to enable financial institutions meet the demanding requirements of the Basel II Accord. Considering the changes Basel II proposes in terms of identifying, measuring, monitoring and managing risk, financial institutions are facing a major regulatory overhaul. FinArch has built a solid reputation as a leading provider of financial reporting technology. It is on this basis that Microsoft and FinArch are well positioned to provide their customers with tremendous value to meet these demands, and reduce regulatory capital requirements."
FinArch has recently extended its Financial Studio offering to include an advanced solution for Basel II which draws on a comprehensive data model and rule-based process for risk weighting and mitigation. The solution provides a well-defined data model for banks to use in analysing the data requirements needed to comply with Basel II regulations. In partnership with Microsoft, FinArch has now integrated the latest Microsoft .NET technologies to improve integration, scalability, ease of implementation and total cost of ownership.
About Microsoft in Financial Services
Microsoft is a leading provider of software products and technology to the financial services industry. Its customers operate in every area of retail banking, insurance and pensions, and the financial markets.
Working with leading software vendors and systems integrators in the banking and insurance industries, Microsoft supports financial institutions in re-engineering core business operations, achieving straight through processing, better managing all aspects of risk and capital adequacy, increasing efficiency in branch banking operations and enabling intelligent multi-channel banking.
Microsoft focuses on providing the security, scalability and reliability that the financial enterprise requires while at the same time looking to simplify and speed up the development, integration and implementation process. The ability of financial services organisations to respond quickly to market and business needs, and not be tied down by their IT infrastructure, is key to Microsoft's vision.
Microsoft is a registered trademark of Microsoft Corp. in the United States and/or other countries. Other product and company names herein may be trademarks of their respective owners.