Financial Architects (FinArch) has announced F. Van Lanschot Bankiers N.V. in the Netherlands has signed a license agreement for the Financial Studio product suite to cover accounting, capital management, management information (MIS), compliance (Basel II and IFRS) and Dutch National Bank (DNB) legal reporting.
Following a detailed in depth review of a number of possible vendors, F. Van Lanschot Bankiers N.V. has selected Financial Studio from FinArch in order to benefit from the integrated platform, which has specifically been designed for the financial services industry. The implementation of Financial Studio will join that of Siebel and Olympic to form the third key pillar of the project already publicised by the Bank to replace their front, middle and back office systems . The Financial Studio platform, which has recently been baptized as the first Finance Resource Planning (FRP) solution, will permit the bank to address immediate challenges, such as Basel II and IFRS, while at the same time creating a basis for a wider strategic platform for all internal and external reporting requirements.
As Dr. Gerben van Gelder, Policy & Control Manager at F. Van Lanschot Bankiers N.V. explains, “The different disciplines within the financial control and risk functions combining accounting functionality, capital management, compliance and MIS are all based on the same fundamentals, require shared skill sets and are on the intersection of risk and accounting. Financial Studio offers our bank a clear future path to an ever evolving convergence of these disciplines while at the same time ensuring that the Bank has greater insight into its client segments.” He goes on to add, “The Financial Studio project will rationalize and improve the provision of finance services to the organization, ensuring that the bank is compliant with anticipated regulatory changes in IFRS and Basel II. Furthermore, Financial Studio offers major advantages in view of our business organisation, in particular when integrating front, middle and back office systems.”
Recently appointed Vice President Global Sales at FinArch, Alan Goodrich, goes on to say, “We are delighted and proud to have F. Van Lanschot Bankiers N.V. as our newest client, joining the likes of Bank Of New York, Toronto Dominion, Commonwealth Bank of Australia, Euroclear and many others, that have clearly opted for the Financial Studio platform due to its enterprise-wide applicability. The decision shows long term vision and a clear understanding of the need for an integrated solution with regulatory drivers being an accelerator of the bank’s strategic ambition to pull together finance and risk functions. The financial services industry is clearly looking for ways to make sure that compliance has a return on investment. Investments that are made to be compliant with current regulations should have a knock-on benefit to the streamlining of internal processes and provide better financial and risk measurement tools. Financial Studio delivers just this.”