Wells Fargo Bank selects Reveleus for Basel II Credit application First engagement following Oracle and i-flex solutions Reseller Agreement

Editorial Team
February 16, 2006
2 minutes

Tagged under:
BankingTech
InsurTech

Mumbai, February 15, 2006: Reveleus(tm), a business of i-flex® solutions and a global provider of analytical applications for the financial services industry, today announced that Wells Fargo N. A., one of the largest financial services providers in North America, has selected the Reveleus Basel II Solution to help build its credit capital calculation application for Basel II. The credit solution will provide Wells Fargo with a complete set of rules, computations, business definitions and underlying data structures to support the bank’s computations according to the Advanced Internal Ratings Based Approach of the Basel II Accord.

The Basel Committee on Banking Supervision, an arm of Switzerland-based Bank for International Settlements, 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 bank’s capital requirements to more accurately reflect its credit, market and operational risks.

This engagement follows the recently-announced agreement between Oracle and i-flex solutions for Oracle to resell the Reveleus Basel II solution and enables Wells Fargo, a strategic Oracle customer, to benefit from the alliance.

Speaking on the relationship, Nick Deshpande, Head of Wells Fargo’s Corporate Project Office said, “We sought a partner with a proven track record of execution in the Basel II space and an application that would work well with the structure of our business. This solution from Reveleus and Oracle is one that fits the bill.”

Commenting on the customer win, S. Ramakrishnan – CEO of Reveleus, said, “The Reveleus Basel II solution is architected to simplify the underlying complexities that the Basel II Accord mandates while enabling Wells Fargo to leverage its existing processes and structures. We are committed to a strategic partnership with Wells Fargo that enables the bank to accurately measure and manage its capital requirements in a timely and consistent manner.”