Vilnius – London. March 17 2010. Financial Architects (FinArch), the leading
international provider of Finance Resource Planning (FRP) for the finance industry,
today announced that AB Bank SNORAS has signed an agreement with FinArch to upgrade
their existing FinArch Basel II implementation to include the complete Financial
AB Bank SNORAS have chosen to upgrade the Financial Studio Basel II solution to the
same Financial Studio Platform for IFRS Accounting and Regulatory Compliance
Reporting, MIS and further Advanced Capital Management.
This was a strategic choice for AB Bank SNORAS with Financial Studio, the preferred
platform to implement alongside the new back office system, for their requirements
now and into the future. The business case evidenced that Financial Studio with its
integrated platform and common data model was clearly the most suitable and
comprehensive solution to run the banking group.
The decision to upgrade to the full Financial Studio is an important one for both AB
Bank SNORAS and for FinArch. It builds on the great working relationship that has
been established between the two companies and demonstrates the bank’s confidence in
FinArch’s solutions and people. Together this lays the foundation for a long-term,
strategic relationship between the companies and again demonstrates that Financial
Studio is the only answer for banks that are considering moving to an integrated
platform to support their finance and risk functions.
For AB Bank SNORAS the choice of full Financial Studio will enable them to benefit
from the power and value of the Finance Resource Planning (FRP) vision, both
domestically and across their growing banking group, driving down operational costs
and increasing efficiencies.
For FinArch, this cements its position in the Baltic Region as the leading supplier
of Risk and Finance Solutions and mandates the companies’ position as the leading
supplier of integrated risk and finance solutions.
Gitanas Kancerevycius, Head of Risk Management Department at Bank SNORAS says: “We
are pleased to expand our cooperation with Financial Architects to the full extent.
Applying Financial Studio for Basel II capital calculations for more than two years
now, I am confident that further applications of Financial Studio will be
successfully used for Bank SNORAS needs. We have built strong mutual confidence to
entrust Financial Studio with all our back office tasks.”
Mike Hendy, VP Regional Business Development at FinArch, states: “It’s exciting that
SNORAS has chosen to move forward with FinArch and Financial Studio. The concept of
Financial Resource Planning (FRP) is one that delivers great benefits to financial
institutions. SNORAS will benefit from FRP, linking Finance and Risk, Compliance and
MIS, using the same set of data and calculations across the group. This makes sense
for SNORAS as they grow their business, but also for any bank that wishes to benefit
from the rapidly changing market conditions and regulatory environment.”
Financial Studio is the first fully integrated Finance Resource Planning (FRP)
solution for banking and financial institutions. Financial Studio’s ‘out-of-the-box’
functionality, with its highly customisable modules and scalable database, allows
for rapid deployment of any sized project, from small local implementations to
full-scale enterprise-wide solutions on a global basis. A suite of generic, or
foundation, modules underpin the power and security of the Financial Studio FRP
solution. These include an industry standard data model, highly flexible
multi-dimensional reporting hierarchies, powerful archiving tools, audit trail and
historical information management, and rule-based engines.
Based on an open architecture, FinArch’s solutions allow for easily integrating with
any existing banking IT systems, while easing the burden of regulatory reporting as
it complies with the reporting requirements of central banks and monetary
authorities all over the world. FinArch has been positioned by Gartner, Inc. as one
of the leaders in the Magic Quadrant for Basel II software applications. Chartis
Research ranked FinArch as the winner of the ‘Risk and Finance Integration’ category
in their annual report RiskTech100TM (2009).
For more details, please contact:
Head of Risk Management Department
AB Bank SNORAS
VP Regional Development
London Stock Exchange
33 Throgmorton Street
London EC2N 2BR
tel: +44 207 156 5156
About AB Bank SNORAS
AB Bank SNORAS, during seventeen years of its activity, has become one of the
largest banks in Lithuania and it has the widest territorial customer service
network in the country. The network comprises 254 subdivisions: 10 regional branches
of the bank, 13 branch outlets and 231 savings units (mini-banks – “mini Snoras”).
In Lithuania, the bank has 338 ATMs and according to this number it occupies the
second place in the market. Presently almost 1100 employees work in Bank SNORAS; the
bank provides its services to more than one million clients.
Bank SNORAS has branches in Latvia and Estonia. The bank is represented abroad by
its representative offices in the United Kingdom, Belgium, Czech Republic, and
Belarus. AB Bank SNORAS is part of the Bank SNORAS group, which also manages AS
“Latvijas Krajbanka” and the investment bank “Finasta”. AB Bank SNORAS group
comprises the total of 27 companies providing the services of banking, leasing, real
estate management, monetary funds, securities, and funds management.
About Financial Architects (FinArch)
Financial Architects NV (FinArch), with offices in the major financial centers
worldwide, is a global value leader in providing a new generation of financial
management software. With its highly customisable modules and scalable database,
Financial Studio brings together in a single application environment the tools banks
need to manage, measure, and report all their financial activities. The integrated
approach of the different modules (IAS/IFRS, Liquidity Risk, ALM, Basel II, E-Cap,
Compliance…) guarantee economies of scale and ease of implementation. With Financial
Studio, FinArch has been ranked as the winner of the ‘Risk and Finance Integration’
category in Chartis Research’s annual report RiskTech100TM (2009).
FinArch provides a unique blend of domain expertise, operational services, and
technology solutions that accelerate and facilitate financial institutions’ ambition
to implement a cost effective and reliable financial management platform.