Indian software group i-flex says the BMO Financial Group has bought its Reveleus Basel II application. It provides rules, computation engines, business definitions and underlying data structures to help the bank comply with the requirements of the Basel II capital adequacy accord.
“Banks are left with little choice but to adopt analytics that enable compliance with the Basel II capital adequacy requirements,” says Guillermo Kopp of research house TowerGroup. “Basel II is driving a greater degree of convergence between banks’ finance and risk departments to achieve a more unified understanding of risk. However, banks will face ongoing challenges to stay current with the ever-changing Basel approaches in different jurisdictions and must invest in flexible software solutions that address all of the above issues.”
BMO is planning an implementation of the Reveleus Basel II application at its Canadian offices, starting in the second quarter of 2005. BMO is aiming to implement Reveleus to satisfy its multi-jurisdictional Basel requirements in Canada and internationally.
Wendy Lockyer – Senior Vice President, Basel and InSight Initiatives at BMO Financial Group, says she chose Reveleus “because of the pre-built nature of the solution, the fit with BMO’s technology platform and Reveleus’ commitment to the evolution of the product to meet BMO’s ongoing needs and the Basel II marketplace.”
S. Ramakrishnan, CEO of Reveleus, says he is confident that BMO will reduce the costs of using the application by implementing it across all jurisdictions where it operates.