NIBCapital extends Financial Studio License with Basel II to leverage FRP Platform

London/Ghent, 30 January 2006 - Financial Architects (FinArch), international provider of Finance Resource Planning (FRP) platform for the finance industry, today announced that NIBCapital has signed an agreement to extend their Financial Studio license to cover Basel II, IFRS and DNB reporting.

NIBCapital, already users of Financial Studio Accounting and Basel I, have decided to adopt Financial Studio as a broader strategic base for finance and risk management and reporting. By licensing the full set of FRP modules of Financial Studio and increasing their license to Enterprise level for the whole group, NIBCapital have confirmed their confidence in FinArch to deliver a solution that meets not only the existing internal management and external reporting requirements but also will comply with changing standards going forward. The FRP concept allows banks to address tactical challenges while leveraging the investment to achieve a strategic platform.

Pim van der Horst, Chief Enterprise Architect at NIBCapital explains: “We have been satisfied customers of FinArch and users of Financial Studio for some time. Nevertheless, we had to perform due diligence and evaluate other potential suppliers for Basel II, IFRS and DNB reporting. The ability of Financial Studio to provide business benefit as well as compliance through an enterprise wide platform for finance and risk management was the key factor to eventually selecting to invest further and extend our license to all modules at a group level.

Alan Goodrich, VP Global Sales at FinArch comments: “We are extremely pleased that NIBCapital, as an existing client, has shown such confidence in FinArch to continue to deliver high quality and value. This is the second recent win, following F. van Lanschot Bankiers, where our FRP platform has been compared to the competition and chosen as the best strategic way forward for the bank. I believe more and more banks will follow this trend in recognising the value in implementing an FRP solution.

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