Financial Daily from THE HINDU group of publications
Tuesday, Jun 13, 2006
Financial Daily from THE HINDU group of publications Tuesday, Jun 13, 2006 |
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Info-Tech
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Software Money & Banking - Software Reveleus bags Wachovia deal for Basel II solution Our Bureau
MAJOR WIN: Mr S. Ramakrishnan, CEO, Reveleus, addressing the media in Bangalore on Monday. - G. R. N. Somashekar
Bangalore , June 12 Reveleus, the analytics product business of i-flex solutions Ltd, said on Monday that US-based Wachovia Corporation has selected its Basel II Solution. Reveleus did not disclose the deal size but said the Wachovia contract includes product licence fee and an annual maintenance charge. "Reveleus will provide Wachovia with a complete, pre-packaged solution enabling the bank to compute regulatory capital as per the advanced internal ratings-based approach of Basel II accord," said Mr S. Ramakrishnan, CEO, Reveleus. Wachovia was one of the tier-1 banks mandated by the USbanking regulators to comply with the Basel II capital adequacy directives, he said. With this win, Reveleus has got three of the top five US banks as its customers. The other two are Citigroup Inc and Wells Fargo & Co, according to him. A recent Celent report said that i-flex's Reveleus was by far making the most headway as it had over $2.7 trillion in North American banking assets flowing through the Reveleus Basel II solution. "The selection of Reveleus by Wachovia, as well as other tier-1 north American banks validates the vision, functionality and breadth of Reveleus Enterprise Risk and Compliance offerings,'' Mr Ramakrishnan said. Mr Arun Pingaley, Head Functional Solutions and Experts Group, Reveleus, said the company was seeing good traction in the Indian market where the banks are expected to comply with Basel II norms by March 31, 2007. "Many of the public sector and private banks have started their decision making process, which may be finalised in the next few quarters," he said.
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