FinArch

Commonwealth Bank selects FinArch’s Financial Studio Solution to support Basel II

Ghent/Sydney – 29 July 2005 - Financial Architects (FinArch), international provider of a business intelligence and financial management software platform, is pleased to announce that the Commonwealth Bank in Australia has selected FinArch’s Financial Studio Basel II & Regulatory Reporting solution to support future compliance with the APRA’s Basel I and Basel II regulations.

Financial Studio, which is built on a comprehensive banking data model, brings together the data necessary for both regulatory reporting and Basel calculations (Basel I & Basel II) into one single integrated financial management platform and thus provides a comprehensive and common data source. As such, the solution enhances full compliance with international regulatory reporting requirements, including Basel regulations.

FinArch will provide software support to the Commonwealth Bank, with a systematic approach for incorporating the domestic and international regulators’ ongoing amendments to Basel as well as to the actual changes to the regulatory reports themselves, according to the local supervisor’s specifications. The Bank joins an increasingly impressive roll-call of international organisations using the FinArch’s Financial Studio solution.

“This is another major win for FinArch, further strengthening its leadership position in key target applications that bring together risk and accounting as well as reporting under one roof. This contract speaks to FinArch’s ability to meet the global Basel II and regulatory reporting requirements of one of Australia’s major financial institutions,” says Dirk De Beule, CEO. “This project, together with various other Basel II assignments that we are currently undertaking with international financial institutions, shows our strength and expertise in the local as well as more global markets.”

About FinArch

Financial Architects (FinArch) is an international provider of business intelligence and financial reporting software. Founded in 1997 FinArch has built a global reputation as a vendor, developer and consulting partner of a financial analysis and reporting platform specifically for the finance industry.

Financial institutions around the world - including several of the leading names in the industry - use FinArch’s flagship products FinReporter and Financial Studio, addressing banks’ internal and external financial management needs, for legal reporting as well as for internal group analysis and reporting, including financial accounting, IAS/IFRS accounting, profitability, solvency and risk calculation, Basel II reporting, Sarbanes-Oxley compliance, etc…
www.finarch.com

For more details, please contact:

Dirk De Beule
CEO Financial Architects nv
Verlorenbroodstraat 122
B-9820 Merelbeke
Belgium

tel : +32 9 272 64 10
e-mail : info@finarch.com