Ghent, 08 August 2005 - Financial Architects nv (FinArch), international provider of a finance resource planning platform to the finance industry, announces the availability of an enhanced version of its off-the-shelf regulatory reporting solution, FinReporter, which now includes IAS/IFRS disclosures and Basel II reporting.
This enhanced module coincides with the new Basel II and IAS/IFRS regulations, where financial institutions are faced with ever increasing reporting requirements and where the need for a future-proof application is key. FinArchâs general approach to financial management brings together the local regulatory reporting and risk as well as the new compliance requirements for IFRS under one roof. All required data for regulatory reporting and IAS/IFRS disclosures as well as for Basel II calculation and reporting, in line with Pillar III requirements, is offered in a single but modular solution. This product comes with all the required input data definitions to help banks optimise the necessary interfaces to capture the data from their various source systems.
FinReporter covers the entire reporting process. It captures, validates and loads the data into a centralised database. A turn-key solution for complying with the Standardised approach is offered for banks wanting to take a quick-start approach to Basel II. Full audit trail of the results as automatically populated in the reports is available and allows for investigation of reported numbers.
FinArch fully supports XBRL and the appropriate taxonomies for regulatory reporting, Basel II calculation & reporting as well as IAS/IFRS disclosures, as and when they are released by the regulators. FinArchâs goal in this respect is to respond to the evolving CEBS requirements and to enhance transparency in regulatory reporting for the banking business environment.
FinArch provides continuous and systematic support for incorporating new requirements from both domestic and international regulators and this also includes actual changes and updates to the regulatory reports, according to the local supervisorâs specifications.
Based upon direct customer feedback as well as market demand, these enhancements have been added to our solution set to help banks of all sizes accelerate implementation and realise the benefits of compliance. By completely automating the reporting process, our solution ensures data accuracy, availability and auditability. It creates an optimised and streamlined calculation and reporting process which offers any bank a perfect starting point to move up to more sophisticated Basel II approaches.
Since its inception, FinArch, has been a global leader in regulatory reporting solutions and has also gained global recognition for its extensive and specialised offering of integrated accounting, compliance, MIS and capital market solutions for the finance industry.
Dirk De Beule, CEO FinArch comments : "With the Financial Studio platform, FinArch has already proven its ability to meet the global IAS/IFRS, Basel II and regulatory reporting requirements of major financial institutions. In providing this new functionality small and midsize banks will obtain a comprehensive but simple yet highly flexible modular solution with fixed scope and fixed deliverables. In this process, FinArch serves the banks as a long-term partner who will help them through a challenging period of regulatory changes, with a unique and strong focus on compliance reporting. Banks can count on FinArch as a single provider to meet both local and international regulatory reporting requirements as more and more jurisdictions are covered by our offering."