PeopleSoft Aligns with FRS to Streamline Regulatory Reporting for Banks Worldwide
Wednesday February 19, 6:04 am ET
Integrated Solution to Enable Banks to Meet Rapidly Changing Requirements
PLEASANTON, Calif.--(BUSINESS WIRE)--Feb. 19, 2003--PeopleSoft Inc. (Nasdaq:PSFT - News) 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 - News). PeopleSoft and FRS will offer an integrated solution to enable banks around the world to more easily manage risk and streamline regulatory reporting. 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.
"Complex regulatory reporting is one of the biggest challenges for financial institutions," said Renee Lorton, senior vice president and general manager for PeopleSoft Financial Management Solutions. "PeopleSoft and FRS are working together to provide customers with a comprehensive solution to address this complex and time-consuming challenge, enabling financial institutions to focus on their core business."
"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.
About PeopleSoft
PeopleSoft (Nasdaq:PSFT - News) is the world's leading provider of application software for the real-time enterprise. PeopleSoft pure internet software enables organizations 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 organizations in 140 countries run on PeopleSoft software. For more information, visit us at www.peoplesoft.com.
PeopleSoft and the PeopleSoft logo are registered trademarks. All other company and product names may be trademarks of their respective owners.
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Contact:
PeopleSoft Inc.
Pamela Rupert, 925/694-5004
pamela_rupert@peoplesoft.com
or
Porter Novelli
Katie Bromley, 415/975-2200
katie.bromley@porternovelli.com
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Source: PeopleSoft |
