News & Events
FinArch signs Bank of India for Financial Studio compliance
Ghent/Antwerp – 14 August 2007 - Financial Architects (FinArch), international provider of a Finance Resource Planning (FRP) platform for the finance industry, today announced that Bank of India has selected Financial Studio to address its compliance requirements.
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.”
Frédéric 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.
About Bank of India
Bank of India was founded on 7th September, 1906 by a group of eminent businessmen from Mumbai. The Bank was under private ownership and control till July 1969 when it was nationalised along with 13 other banks.
Beginning with one office in Mumbai, with a paid-up capital of Rs.50 lakh and 50 employees, the Bank has made a rapid growth over the years and blossomed into a mighty institution with a strong national presence and sizable international operations. In business volume, the Bank occupies a premier position among the nationalised banks.
The Bank has 2644 branches in India spread over all states/ union territories including 93 specialised branches. These branches are controlled through 48 Zonal Offices . There are 24 branches/ offices (including three representative offices) abroad.
The Bank came out with its maiden public issue in 1997. Total number of shareholders as on 30/09/2006 is 2,25,704.
While firmly adhering to a policy of prudence and caution, the Bank has been in the forefront of introducing various innovative services and systems. Business has been conducted with the successful blend of traditional values and ethics and the most modern infrastructure. The Bank has been the first among the nationalised banks to establish a fully computerised branch and ATM facility at the Mahalaxmi Branch at Mumbai way back in 1989. The Bank is also a Founder Member of SWIFT in India. It pioneered the introduction of the Health Code System in 1982, for evaluating/ rating its credit portfolio.
The Bank's association with the capital market goes back to 1921 when it entered into an agreement with the Bombay Stock Exchange (BSE) to manage the BSE Clearing House. It is an association that has blossomed into a joint venture with BSE, called the BOI Shareholding Ltd. to extend depository services to the stock broking community. Bank of India was the first Indian Bank to open a branch outside the country, at London, in 1946, and also the first to open a branch in Europe, Paris in 1974. The Bank has sizable presence abroad, with a network of 23 branches (including three representative offices) at key banking and financial centres viz. London, New York, Paris, Tokyo, Hong Kong, and Singapore. The international business accounts for around 20.10% of Bank's total business.
About FinArch
FinArch (Financial Architects nv), with offices in the major financial centres worldwide, is a global value leader in providing a new generation of financial management software. The concept of the platform and the integrated approach of the different modules enable innovative financial institutions to quickly implement tactical solutions meeting the overall strategic objectives in financial reporting.
FinArch provides a unique blend of domain expertise, operational services, and technology solutions that accelerate and facilitate financial institutions’ ambition to implement a cost effective and reliable financial management platform.
For more details, please contact:
Mr. Yogesh Trikha | Frédéric Simons VP Regional Development |
Bank of India tel: +32 3 201 88 81 | Financial Architects nv tel: +32 (0)9 272 64 10 |
