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Bank of China meets Belgian compliance requirements

Anuradha Shukla | April 20, 2011
BOC improves service to its growing Chinese and European customer base with FinArch.

SHENZHEN, CHINA, APRIL 20, 2011- Integrated Risk and Finance solutions provider FinArch has delivered its flagship Financial Studio Compliance solution to the Bank of China (Luxembourg) S.A. Brussels Branch.

This solution will help the bank - one of the big four state-owned commercial banks of the People's Republic of China - to better serve its growing Chinese and European customer base in Belgium.

Financial Architects NV (FinArch) provides a new generation of financial management software to its global clients. It aids banks and financial institutions to address regulatory demands for stricter compliance, improve reporting flows, return on IT investment, and turn compliance into a cost-saving exercise.

Bank of China recently unveiled a branch in Belgium and selected Financial Studio to meet its regulatory requirements to the Belgian regulator.

“With the maze that regulatory financial reporting has become FinArch’s software has been a guiding light enabling us to fulfill our obligations in an efficient and effective manner,” said Ian Hutchinson, accountant at Bank of China. “The time saved by using FinArch’s software has enabled us to focus more of our time on growing our core business. Focusing on the software itself we find it user friendly. Financial Studio contains some nice features such as the audit trail and validation rules.”

Revolutionizing banking industry

FinArch notes that its Financial Studio Compliance module offers standard and certified regulatory reporting functions.

This module can be used as an integrated part of any Financial Studio solution or as a stand-alone module.

The company claims that its solution can address all compliance requirements for financial reporting in several key areas including Regulatory reporting, Basel II & III compliance reporting, IFRS compliance reporting and Liquidity risk compliance reporting.

“We are very pleased to welcome Bank of China, the oldest bank in China, to our established client base,” said Siegfried Van Puyvelde, Customer Relationship director at FinArch. “Since our inception, with our Finance Resource Platform (FRP), we at FinArch have been leading a revolution in the banking software industry, one for which the demand has been driven even higher lately by increased local and global regulations as well as by the need for the integration of risk, finance and data management systems. Obviously, we are very proud that Bank of China recognized the value of Financial Studio, and selected our widely-implemented reporting solution to support the regulatory requirements of National Bank of Belgium so that they can focus on serving their customers."

 

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