Financial Architects (FinArch), the provider of a Finance Resource Planning (FRP) platform for the finance industry, today announced that International Card Services has implemented Financial Studio Compliance to meet the Belgian regulatory requirements.

International Card Services, the market leading credit card issuer in the Benelux, selected FinArch after a thorough selection process to provide its solution for regulatory reporting to the Belgian regulating authorities.

Due to arisen business opportunities, ICS encountered the need to start reporting to the Belgian regulator. It launched a selection process in order to find the vendor that would best meet its current and future needs. FinArch emerged as the vendor of choice. Soon after, to full satisfaction of the customer, the installation took place enabling them to do the first reporting.

Carlos Benne, Head Accounting Reporting and Control at International Card Services, says: ‘“Financial Studio was in the right place for us and offered us a quick but solid solution for our immediate reporting needs. Given the flexibility and modularity of FinArch’s offering, we saw straight away the possibility to let Financial Studio evolve with our organisational requirements as we continue to grow. Furthermore, we were highly impressed by the collaboration with FinArch’s staff. They grasped exactly our needs and responded quickly. The implementation was straight forward and allowed us to report to the Belgian regulator.”

Siegfried Van Puyvelde, Customer Relationship Director at FinArch, adds: ‘More than merely looking for a standalone software package, ICS was looking for a partner that had the proven capabilities to support and facilitate its international business plans, both on the short and, eventually, on the long term. With our concept of Finance Resource Platform and Financial Studio as the solution for it, FinArch matches perfectly these requirements. ICS and FinArch have worked well together to meet the deadlines posed upon them by the regulatory reporting. For sure, new challenges will arise but we are confident that FinArch can continue to prove it is a reliable partner that will support ICS in their future plans.”

FinArch’s Financial Studio Compliance solution enables banks and financial institutions to meet regulatory demands for stricter compliance, while gaining additional business benefits by improving reporting flows, improving return on IT investment, and turning compliance into a cost-saving exercise. The Financial Studio Compliance module offers standard and certified regulatory reporting functions, based on pre-defined reporting templates. It can be used as an integrated part of any Financial Studio solution or as a stand-alone module, meeting all compliance requirements for financial reporting in these key areas: Regulatory reporting, Basel II compliance reporting, IFRS compliance reporting…

Financial Studio Compliance is integrated in FinArch’s Financial Studio FRP platform which embraces accounting, risk management, MIS and compliance solutions, and is used by numerous financial institutions worldwide. FinArch is also positioned as a leader in Gartner’s Magic Quadrant for Basel II software applications. The company’s focus coupled with a solution that can be scaled to meet broader corporate performance management, has thus been recognised by the global financial markets.