The Basel Committee on Banking Supervision, an arm of Switzerland-based Bank for International Settlements, has defined the Basel II capital adequacy requirements for global banks. One of the committee's principal goals is to reduce risk in the financial system worldwide by aligning each bank's capital requirements to more accurately reflect its credit, market and operational risks.
This engagement follows the recently-announced agreement between Oracle and i-flex solutions for Oracle to resell the Reveleus Basel II solution and enables Wells Fargo, a strategic Oracle customer, to benefit from the alliance.
Speaking on the relationship, Nick Deshpande, Head of Wells Fargo's Corporate Project Office said, "We sought a partner with a proven track record of execution in the Basel II space and an application that would work well with the structure of our business. This solution from Reveleus and Oracle is one that fits the bill."
Commenting on the customer win, S. Ramakrishnan - CEO of Reveleus, said, "The Reveleus Basel II solution is architected to simplify the underlying complexities that the Basel II Accord mandates while enabling Wells Fargo to leverage its existing processes and structures. We are committed to a strategic partnership with Wells Fargo that enables the bank to accurately measure and manage its capital requirements in a timely and consistent manner."