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November 24, 2009

International Card Services Deploys Compliance Solutions From FinArch

To meet the Belgian regulatory requirements

By CBR Staff Writer

International Card Services (ICS), a credit card issuer in the Benelux, has deployed Financial Architects’ (FinArch), Financial Studio Compliance (FRC) to meet the Belgian regulatory requirements.

FRC solution enables banks and financial institutions to meet regulatory demands for stricter compliance, while gaining additional business benefits by improving reporting flows, improving return on IT investment and turning compliance into a cost-saving exercise.

The module offers standard and certified regulatory reporting functions, based on pre-defined reporting templates. It can be used as an integrated part of any Financial Studio solution or as a stand-alone module, meeting all compliance requirements for financial reporting in key areas like regulatory reporting, Basel II compliance reporting and IFRS compliance reporting.

Carlos Benne, head of accounting reporting and control at ICS, said: “Financial Studio was in the right place for us and offered us a quick but solid solution for our immediate reporting needs. Given the flexibility and modularity of FinArch’s offering, we saw straight away the possibility to let Financial Studio evolve with our organisational requirements as we continue to grow. The implementation was straight forward and allowed us to report to the Belgian regulator.”

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Siegfried Van Puyvelde, customer relationship director at FinArch, said: “More than merely looking for a standalone software package, ICS was looking for a partner that had the proven capabilities to support and facilitate its international business plans, both on the short and, eventually, on the long term.

With our concept of Finance Resource Platform and Financial Studio as the solution for it, FinArch matches perfectly these requirements. ICS and FinArch have worked well together to meet the deadlines posed upon them by the regulatory reporting. For sure, new challenges will arise but we are confident that FinArch can continue to prove it is a reliable partner that will support ICS in their future plans.”

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