Bank of India, the first public sector bank to establish a foreign branch, having 24 foreign offices in 12 countries, is currently expanding rapidly while opening new offices in Belgium, China, Vietnam, Tanzania and Qatar.
The Financial Studio compliance solution selected by Bank of India provides an integrated regulatory reporting solution that allows banks to gradually step up and take on different business drivers such as compliance, capital management, accounting and MIS.
FinArch provides customers worldwide with local and global accurate and timely compliance and consistency, based on its solid international experience and best-of-breed regulatory reporting. Financial Studio eases the burden of regulatory reporting for financial institutions as it complies with the reporting requirements of central banks, monetary authorities, and other financial regulators in multiple countries, as well as with the global IAS directives and Basel II requirements.
Fernand Hansotte, Manager of IT at Bank of India comments: "We are very happy to work with FinArch. This firm was known to us since very long as their products are also used by other Indian Banks in Belgium. With FinArch, we have been able to produce our reporting statements without any problem and their product is showing entire satisfaction to us. We hope to have a long business relation with FinArch for our mutual benefit."
FrÃ©dÃ©ric Simons, VP Regional Development at FinArch says: "We are very pleased that Bank of India chose us amongst other vendors to meet their compliance challenges. Our Financial Studio compliance solution gives Bank of India full integrity and control to every stage in the reporting process thanks to its complete audit trail evidence. It enables the bank to leverage financial information with great flexibility and analytical depth, while preserving high standards of data integrity and completeness. Our proven ability to combine state-of-the-art technology not only with in-depth knowledge of regulations but also with operational agility and timely delivery is reflected by the confidence that more and more customers place in us."
FinArch's general approach to financial management brings financial and risk reporting as well as the Basel II and IFRS compliance requirements under one roof. All required data is offered in a single but modular solution. It comes with all the required input data definitions to help banks optimise the necessary interfaces to capture the data from their various source systems.
FinArch fully supports XBRL (eXtensible Business Reporting Language) 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. FinArch's goal in this respect is to respond to the evolving CEBS requirements and to enhance transparency in regulatory reporting for the banking business environment.