Streamline Regulatory Reporting for Banks Worldwid
FOR IMMEDIATE RELEASE
PeopleSoft Aligns with FRS
To Streamline Regulatory Reporting for Banks Worldwide
Integrated Solution To Enable Banks to Meet Rapidly Changing Requirements
PeopleSoft today announced
an alliance with FRS, a global leader in regulatory
reporting solutions for financial institutions and a
business unit of S1 Corporation (Nasdaq: SONE). PeopleSoft
and FRS will offer an integrated solution to enable banks
around the world to more easily manage risk and streamline
PeopleSoft’s leading Enterprise Performance Management (EPM) solution provides robust risk and profitability management capabilities. FRS’s FinancialAnalytics provides regulatory reporting capabilities to reduce the time and cost of compliance.
“Economic uncertainty and political instability are driving regulators worldwide to dramatically step up reporting requirements for financial services institutions,” said Guillermo Kopp, director of financial services strategies, TowerGroup. “Faced with more stringent regulations like the New Basel Accord on Capital Adequacy (Basel II), banks are demanding cost-effective solutions to automate and streamline their complex regulatory reporting processes. With this new alliance, PeopleSoft and FRS will offer a best-in-class solution to free banks to focus resources on more value-add activities like profitability management.”
FRS monitors local regulatory reporting requirements in more than 20 countries worldwide and provides a pre-built, automated solution for preparing and filing complex reports. The FRS regulatory reporting solution will leverage information from PeopleSoft’s banking-specific data model, which will be extended to support FRS’s data requirements. PeopleSoft’s EPM solutions feature powerful risk management capabilities and detailed data structures to capture the full granularity of historical loss events. As a result, banks can easily measure the full spectrum of risk types and comply with evolving risk regulations such as Basel II. The increased disclosure and reporting requirements associated with Basel II will be addressed by the FRS solution.
“Australasian and Asian banks are grappling with how to meet the evolving requirements of the Basel II Accord,” said Ray Kloss, Director Product Marketing, PeopleSoft Japan and Asia Pacific. “However, with this solution, banks can become more comprehensive in managing risk while at the same time laying the foundation to meet the Basel II requirements as the Accord becomes finalised. By building on our Basel II solution and working with FRS, financial institutions can focus on their core business with the knowledge that reporting and measurement requirements are fully met.”
“We are delighted to have been selected by PeopleSoft as their alliance partner for regulatory reporting,” commented William A. Soward, general manager, FRS. “The combination of our solutions will not only provide banks with immediate relief from compliance challenges, but it will also allow them to off-load the ongoing burden of staying current as requirements change.”
The integrated solution from PeopleSoft and FRS will be available next year. For more information on FRS, visit their website at www.frsglobal.com.
PeopleSoft (Nasdaq: PSFT) is the world’s leading provider of application software for the real-time enterprise. PeopleSoft pure internet software enables organisations to reduce costs and increase productivity by directly connecting customers, suppliers, partners and employees to business processes on-line, in real time. PeopleSoft’s integrated, best-in-class applications include Customer Relationship Management, Supply Chain Management, Human Capital Management, Financial Management and Application Integration. Today more than 5,000 organisations in 140 countries run on PeopleSoft software. For more information, visit us at www.peoplesoft.com.
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