The Financial Studio platform, which has recently been baptized as the first Finance Resource Planning (FRP) solution, covers accounting (incl. IFRS), capital management (Basel II), management information (MIS) and compliance (regulatory reporting) for the finance industry. Financial Studio has a proven track record of meeting the global IAS/IFRS, Basel II and regulatory reporting requirements of major financial institutions. Last summer, FinArch also announced the availability of an enhanced version of its off-the-shelf regulatory reporting solution, FinReporter, which delivers IAS/IFRS disclosures and Basel II reporting. With this component, small and midsize banks are able to obtain a comprehensive but simple yet highly flexible modular solution with fixed scope and fixed deliverables.
Comprehensive IFRS Solution
Whatever the size of the bank, FinArch enables more efficient collection, reporting and auditing of financial information through centralizing financial data in a common environment. FinArchâs solutions comprehensively cover IFRS requirements while at the same time creating new synergies for more effective regulatory compliance, risk management and core banking processes.
Using an integrated approach, the centralized banking data model helps banks ease the overall burden of regulation, not only related to the IFRS accounting rules, but also including Sarbanes-Oxley, MiFID and Basel II banking regulations, which all pose a significant hazard to the financial industry.
Alan Goodrich, FinArchâs VP Global Sales comments: "Most financial institutions have urgent compliance requirements, but they need to look to the long term and select a solution that can adapt to future regulatory changes as well as current needs. Our recent new name wins, as well as longer standing customers including; NIB Capital, Dresdner Bank Luxembourg, ING Luxembourg, etc., all examined the market offerings and concluded that FinArchâs IFRS solutions provide banks with a solid tactical starting point to later evolve to a more comprehensive and sophisticated strategic compliance platform."