Financial Architects, an international provider of a Finance Resource Planning […]
Financial Architects, an international provider of a Finance Resource Planning (FRP) platform for the finance industry, today announced that Bank Degroof has acquired Finarch’s Financial Studio to provide a fully independent and automated “compliance” platform which includes a.o. Basel II calculations and business simulations. Bank Degroof is the largest private bank in Belgium, and has branches in Belgium, Luxembourg, Switzerland, Spain, France, and the Netherlands.
Bank Degroof saw the value of the completeness and excellence of FinArch’s solution as well as their subject expertise. After detailed research, workshops, and a comprehensive evaluation of internal and external alternatives, Bank Degroof decided to step into implementing their strategic vision for the benefits of both business and IT departments.
Financial Studio is the first fully integrated finance resource planning (FRP) solution for banking and financial institutions. Unlike generic ERP (Enterprise Resource Planning) systems, Financial Studio solves the specific needs of the finance sector and addresses all the factors involved in the convergence of risk management and accounting practices across all banking and financial disciplines. Financial
Studio’s ‘out-of-the-box’ functionality, with its highly customisable modules and scalable database, allows for rapid deployment of any sized project, from small local implementations to full-scale enterprise-wide solutions on a global basis. A suite of generic, or foundation, modules underpin the power and security of the Financial
Studio FRP solution. These include an industry standard data model, highly flexible multi-dimensional reporting hierarchies, powerful archiving tools, audit trail and historical information management, and rule-based engines.
FRP allows banks to progressively transform their finance and risk back office, removing the constantly changing pressure of regulatory compliance from the critical path of business operations. While solving immediate needs such as Basel II and regulatory reporting, Financial Studio provides a platform for progressive strategic
Anne Fievez, Associated IT consultant for Bank Degroof, says: “During the selection process for a Basel II solution, FinArch clearly demonstrated its excellence in business functionalities. Moreover, the added value of their FRP concept quickly triggered our decision to consider expansion of the project. Both business users and IT were,rapidly convinced of the benefits: business users will be able to manage entirely their business logic, including simulations, and IT will streamline interfaces while keeping overview, control and audit capabilities on data, processes and infrastructure.” She added. “Obviously, we are happy FinArch presented us their FRP concept. Undoubtedly, this step to the FRP will be beneficiary for Bank Degroof in the long term.”
“We are proud to welcome the largest private bank in Belgium as a new customer that can now benefit from our par-excellence expertise. It is reassuring to see again another leading institution identifying the value of the FRP concept and selecting Financial Studio for both immediate and long term needs.” Frédéric Simons, VP Regional Development at FinArch, comments. “Bank Degroof is a very welcomed
addition to the Financial Studio family of customers, proving once again that both in Europe and in the rest of the world Financial Architects is truly a thought leader as well as providing first class business solutions. Financial Architects looks forward to a fruitful and long term partnership with Bank Degroof.”