Mumbai, January 13, 2006 - Reveleusâ¢, a business of i-flexÂ® solutions (Reuters: IFLX.BO & IFLX.NS) and a global provider of analytical applications for the financial services industry, today announced that Citigroup has selected Reveleus to support its Basel II processing for the United States and local jurisdictions where it operates.
The Basel Committee on Banking Supervision is an arm of the Switzerland-based Bank for International Settlements, which 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 bankâs capital requirements to more accurately reflect its own credit, market and operational risks.
The Reveleus Basel II solution was selected by Citigroup after an extensive evaluation process over the course of several months. The solution will be implemented across all lines of business at Citigroup.
"We required a comprehensive solution with the flexibility to address the evolving requirements in many jurisdictions," says Mr. William L. Belew - Managing Director, Corporate Technology, Citigroup. âAnd most importantly, Reveleus demonstrated the capability to manage the "home-host" needs of a global company such as Citigroup."
Commenting on the win S. Ramakrishnan - CEO of Reveleus said, "We are excited to be working with Citigroup in this strategic and global regulatory initiative. Citigroupâs selection of Reveleus demonstrates the productâs comprehensive functionality for large Tier 1 Banks and the ability to manage the challenges of multiple jurisdictions and business lines."