Financial Architects (FinArch), international provider of a Finance Resource Planning (FRP) platform for the finance industry, today announced that United Taiwan Bank, part of the Taiwan Cooperative Bank, starts implementing FinArch’s Financial Studio solution for achieving Basel II compliance by 1 January 2008.
For the development of the Financial Studio Basel II compliance solutions, FinArch has leveraged its proven track record as Basel II and regulatory reporting solutions provider. Through the years, the company, listed by Gartner as a leader in the Basel II space, has acquired global experience with Basel II implementation projects across different jurisdictions and different approaches across a multitude of banking products and portfolios.
“Brussels being capital of the European Union has opened large business opportunities to international banks.” says Mr. Chang Meng-Yung, Managing Director at United Taiwan Bank, “Being established in Belgium since years we aim to enhance our position on a cost efficient manner. We intend to achieve this objective by focusing on technology upgrading.”
“For smaller banks, and for subsidiaries of major international institutions, the cost and time to be spent on compliance don’t seem to weigh up against the potential economies of scale.” says Frdric Simons, VP Regional Development at FinArch, “United Taiwan Bank is one of many banks that have already opted to take advantage of our pre-packaged Basel solution to fulfil regulatory requirements in the most cost effective and risk-free way and to still meet the deadlines comfortably.”