I-flex says Wachovia has bought uts Reveleus Basel II compliance application. The company says Reveleus will provide Wachovia with a complete, pre-packaged solution to compute regulatory capital as per the Advanced Internal Ratings Based Approach of the Basel II Accord. Wachovia is one of the Tier 1 banks mandated by the United States banking regulators to comply with the Basel II capital adequacy directives.
“We chose Reveleus for the completeness and flexibility of the Reveleus Basel II Solution and its ability to meet our current and future requirements,” says Pete Carlson, Senior Vice President, Director of External Reporting at Wachovia. “Furthermore, we’ve found that the Reveleus team possesses deep expertise and a detailed understanding of the Basel II regulatory capital requirements. Wachovia is looking forward to our partnership with Reveleus to help ensure that we meet our compliance deadlines.”
S. Ramakrishnan, CEO of Reveleus, says the purchase by Wachovia “validates the vision, functionality and breadth of Reveleus’ Enterprise Risk and Compliance offerings. We are committed to delivering on our strategic partnership with Wachovia to ensure that the Bank can accurately measure and manage its capital requirements.”