Financial Architects (FinArch), the leading international provider of an integrated risk and finance management solution for the finance industry, today announced that Bank Central Asia (BCA) has selected its Financial Studio to become compliant with the upcoming Indonesian IFRS requirements referred to locally as PSAK 50/55. BCA is the largest non-government commercial bank in Indonesia. The bank chose the FinArch solution after a rigorous evaluation process across all major vendors.
FinArch is the only vendor in the IFRS market today that has a complete end-to-end solution from a transaction event up to the regulatory report. With Financial Studio BCA will implement a modular based solution that will manage IFRS/PSAK 50/55 from taking in the transactions, generating cash flows, calculating the IFRS valuation, generating the postings, and feeding the resulting entries back the main general ledger.
Roy Marsh, VP Asia Pacific at FinArch states: âWe, and our partner Anabatic Technologies, are delighted to confirm BCA as our first
customer in Indonesia. With the validation of our IAS/IFRS templates by Ernst & Young earlier this year and BCA adding to our global list of IFRS customers, we have clearly confirmed our position in the market as a highly capable, trusted IAS/IFRS partner. We look forward to extending our customer base in Indonesia as banks respond to their PSAK 50/55 deadlines." Marsh concludes.
FinArch's IFRS solution, part of its flagship Financial Studio, is a modular based and integrated solution that provides definition and triggering of all common banking events, associated IFRS accounting templates for identified business events, full multi-GAAP processing to respond to local, head office and IFRS books, complete audit trail for easy drill-back from an IFRS balance back to the originating postings and events, and integrated FinRep reporting. The Financial Studio accounting templates are organised into logical product families that facilitate a well-structured, gradual implementation. Accounting templates are available for all fixed income products, treasury, equities and other non-fixed income, derivatives, loans, deposits, mutual funds, and fee business. For completeness sake, it includes also support for all non-banking activities like building & facilities and human resources. Earlier in 2009,
Ernst & Young validated FinArchâs IAS/IFRS templates, confirming once again the value of the solution.
Coupled with Gartner Magic Quadrant rated Risk and Capital Management and MIS functionality, including Basel II, RAROC and Economic Capital, Financial Studio also delivers integrated regulatory reporting for CoREP, FinREP and local regulatory reporting functionality for over 12 countries âout of the boxâ. FinArch is also the winner of the category âRisk & Finance Integrationâ in Chartis Researchâs annual RiskTechTM 2009, testimony to the current demand in the market for its products, and not least for its IFRS solutions which clearly underpins the need for convergence between risk and accounting functionality. Financial Studio is thus rapidly becoming the solution of choice for many banks world-wide, which choose to effect strategic financial transformation in a component based, minimal risk and business justifiable manner.