SNORAS Bank selects Financial Studio Solution in Latvia and Lithuania
Financial Architects (FinArch) has announced that SNORAS Bank has selected its Financial Studio solution for the provision of Basel II and regulatory reporting for both its operations in Latvia and in Lithuania. SNORAS Bank is the second major bank in Lithuania to choose this solution. Financial Studio’s Basel II solution is part of a broader solution offering more advanced functionality for capital management, accounting, reporting and financial MIS. Financial Studio uniquely combines finance and risk data in a single repository providing a strong solution for IFRS, RAROC, economic capital, general ledger, subsidiary ledger and trading ledger. FinArch says that the relationship with SNORAS Bank is paramount to its continued global expansion. The company’s solution is designed to enable banks to meet regulatory demands for stricter compliance, while at the same time gaining business benefits through improved reporting flows and increased return on IT investment. It provides automatic software updates on supervisory changes that the company provides its customers. It also supports expansion from a Basel II Standardised Approach into IRB.