FinArch says its general approach to financial management brings together financial and risk reporting as well as the new compliance requirements for IFRS, in a single but modular application. This comes with input data definitions to help banks optimize the necessary interfaces to capture the data from various source systems.
According to the vendor, its system fully supports XBRL (eXtensible Business Reporting Language) and the appropriate taxonomies for regulatory reporting, Basel II calculation and reporting as well as IAS/IFRS disclosures, as and when they are released by the regulators.
FinArch says its goal in this respect is to respond to the evolving CEBS requirements and to enhance transparency in regulatory reporting for the banking business environment.
