Reveleus, a business of i-flex solutions and provider of analytical applications for the financial services industry, and Oracle announced that SunTrust Banks, Inc., the North American bank, has selected the Reveleus Basel II Solution as a central component of its planned adherence to the Basel II capital adequacy regulations.
This engagement is under the auspices of the strategic Basel II reseller agreement between Oracle and Reveleus and enables SunTrust to reap the benefits of the close alliance between the two organizations. Oracle is a majority owner of i-flex solutions.
The Basel Committee on Banking Supervision is an arm of Switzerland-based Bank for International Settlements, which has defined the Basel II capital adequacy requirements for global banks. One of the committee’s principal goals is to reduce risk in the financial system worldwide by aligning each bank’s capital requirements to more accurately reflect its credit, market and operational risks.
“We needed to partner with a company that understood our needs and had a proven record in delivering market leading banking analytic solutions,” says Mark Chancy, CFO at SunTrust. “The solution from Reveleus and Oracle ideally meets our requirements.”
S. Ramakrishnan, CEO of Reveleus and Mantas, adds: “The Reveleus Basel II Solution, will help SunTrust to enhance its business process that deals with the complexities of risk management and capital allocation.”