FinArch Launches Financial Studio Maestro for Automated Accounting Generation From Event to Disclosure

Brussels – 03 February 2004

FinArch (Financial Architects nv) announces the availability of its Financial Studio® Maestro, a user-friendly solution for the finance industry to automatically generate accounting entries needed for different GAAP requirements.

Dirk De Beule, Managing Director FinArch, comments : "We use our customer experiences to streamline our development efforts. Because of today’s sweeping breadth of multiple and new regulations and standards, like Basel II reporting, IAS/IFRS Accounting, Sarbanes-Oxley compliance, most banking systems cannot cope with the requirements for compliance reporting, hedge monitoring, fair value accounting, … Financial Studio® Maestro facilitates the rapid implementation of new and changing regulations and policies, without the need for programmer's intervention or prior programming experience."

Financial Studio® Maestro creates an open, coherent accounting environment with tried-and-tested tools that are fully customisable to the customer’s needs. It takes data (events) from any 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, … Deploying easy-to-use plug-in wizards, Financial Studio® Maestro guides users through the process to quickly and securely define and administer business, financial and accounting rules and achieve business functionality.

"Through the years we saw a strong demand for our technology and solutions, fuelled by the changing and increasing reporting requirements, as well as the growing need for integrated financial reporting software and tools" says Johan Van Hoye, Product Manager at FinArch. "Financial Studio® Maestro smoothly integrates into any application environment and gives full control of data exchanges between disparate source systems. It 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." Financial Studio® Maestro thus not only facilitates easier reporting, analysis and overall management, but also allows for accounting entries to be generated at the frequency that suits both the internal policy and the external regulations.

All FinArch’s products, including FinReporter® for regulatory reporting and the enterprise-wide reporting suite Financial Studio®, are designed specifically for the finance industry. They cover and interpret the full range of financial products and instruments and deploy finance-specific accounting rules and regulations as a standard. Centralised accounting generation and transformation rules allow not only for easy rule sharing and management, but also ensure consistent and accurate use throughout the organisation. These standardised accounting rules and policies generate greater consistency, accuracy and transparency since they establish an adequate and effective internal financial control system for tracking and auditing financial processes as well as for implementing full compliance with any regulations or standards.

Financial Studio® Maestro can be implemented as a stand-alone solution, but can also be further enhanced using Financial Studio® to provide a full financial management and reporting solution, including end-to-end multi-GAAP accounting.

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