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Acquisition will extend Verisk’s expertise in development of products and data solutions designed to meet the regulatory compliance needs of financial institutions in multiple geographies
RegTech pioneer Fintellix has announced its partnership with NCS to deliver MAS Reporting Solution in Singapore. The alliance brings together the Data Processing Platform and Regulatory Reporting Solutions of Fintellix and the vast experience of system integration, infrastructure management and support services by NCS.
The regulatory reporting landscape has seen major overhauling and consequently, banks have been attempting to find the right solutions to adapt to the new changes promptly, efficiently and with lower TCO. The traditional ‘one problem, one solution’ approach has already seen banks stretched for time, effort & cost; the need of the hour is to adopt a ‘one platform, multiple solutions’ approach which ensures that a robust data infrastructure is put in place that can help meet changing requirements in a faster & efficient manner as well as solve multiple reporting requirements, both current & future, local & global. Further, expectations of the regulatory reporting users have increased to cover requirements such as data enrichment, report generation & submission workflow, drill down, etc.
MAS 610 being overhauled gives banks an opportunity to re-evaluate their regulatory technology investments and put in place a scalable platform with a reliable technology partner. Fintellix’s technology and NCS service delivery capabilities will ensure continuous business value for the customers.
“I believe this is a win-win proposition: banks will benefit enormously from the best RegTech platform in the world and serviced by the leading system integrator in Singapore” said Shailendra Mruthyunjayappa, Global Head - Enterprise Business, Fintellix.
“The changes in the regulatory and compliance policy have been accelerating tremendously locally and globally, NCS partnering with Fintellix is the best way forward to offer our customers a flexible and agile reporting technology platform to address the rapid changes with a service assurance to the business” said Raymond Chee, Sales Director, FSI
About Fintellix Headquartered in Bangalore, India with presence in Asia Pacific, South Africa, the Middle East and Europe, Fintellix is pioneering Next Generation Data Management techniques in Banking. This is enabling Agility in Risk and Regulatory Reporting Practices in Enterprise banks & Lowered Cost of Compliance as well as jumpstarting analytics capabilities in smaller/regional banks. Fintellix currently has over 35 progressive financial services institutions across 11 nations as its customers. Fintellix is funded by venture capital majors Sequoia Capital and IDG Ventures to accelerate market expansion and boost product innovation efforts. For more information on Fintellix, visit www.fintellix.com
About NCS NCS is a leading infocommunications technology (ICT) service provider with over 8,000 staff serving governments and large global commercial enterprises. NCS delivers end-to-end ICT and communications engineering solutions to help governments and enterprises realise business value through the innovative use of technology. Our unique delivery capabilities range across consulting, development, systems integration, outsourcing, and infrastructure management and solutions, as well as in areas such as mobility, social media, portal management and business intelligence. Headquartered in Singapore, NCS is a wholly-owned subsidiary of the Singtel Group. Together with Singtel, we have a presence in 22 countries located throughout APAC, Europe and the USA. For more information on NCS, visit www.ncs.com.sg
With FASB's recent announcement of a 2019 effective date for their CECL impairment accounting standard, Fintellix Solutions and Ardmore Banking Advisors have released a white paper: "Effective CECL Adoption Timelines Confirmed: Expected Cost of Implementation." The paper appears to be the first study addressing accounting-specific costs community banks could incur in implementing the new standard, which is expected to be finalized in early 2016. More...
The biggest change to the most important accounting calculation in the bank is now imminent, with FASB confirming the effective date of adoption for credit losses calculation using CECL methodologies. Banks will not only be required to change calculation methodologies and processes, but also be required to assess and acquire substantially more data. Fintellix Community Banking Solutions and Ardmore Banking Advisors conducted a 2-part webinar on FASB's November 11 and 23 meetings to explore the nuances of CECL regulations and outline a roadmap to a successful transition. More...
Held at the Sheraton Boston Hotel, MA, the Risk Management Association's (RMA's) annual risk conference shared insights on risk management, specialized lending, regulatory issues and educate community banks on how to deal with critical risk management issues faced by US banks today and that they will face tomorrow. Fintellix's Community Banking Division, together with Ardmore Banking Advisors, showcased their Credit Portfolio Management suite, focusing on the Allowance for Loan and Lease Losses (ALLL) Management Module, which offers community banks and credit unions a proven ALLL methodology delivered on a next generation automation platform.
Indian banking Compliance, Risk & Analytics leader Fintellix announced the inauguration of its Singapore regional office. The development aligns with the company's intent to enable Singapore's discerning banks to 'future-proof' their regulatory compliance with an agile and scalable banking data platform. Fintellix's modern and expansive office is located at Axa Tower (8 Shenton Way) in Singapore's central business district which is in close proximity to several prominent banks. The new office houses Fintellix's customer engagement leadership and banking regulatory compliance technology solution architecture team. More...
The State Bank of Vietnam has embarked on a Basel journey to establish a stable and stress-free financial ecosystem in Vietnam by launching a pilot implementation phase for 10 banks - to be eventually rolled out to all banks. Member banks are now faced with a choice between a tactical or a strategic approach, not to mention the challenges of preparing for Basel adoption. Fintellix, together with premier technology partners Vizen and Komtek, hosted an exclusive Breakfast Briefing for banking leaders that examined the impact of the Basel journey Vietnam banks are about to embark on. The briefing also demonstrated why this is an opportune juncture to 'future-proof' regulatory compliance. More...
The biggest change to the most important accounting calculation in US Credit Unions and Community Banks is imminent. With FASB's Current Expected Credit Loss model for ALLL (CECL), Credit Unions and Community Banks in the US will not only be required to change the existing calculation methodologies and process, but also be required to assess and acquire substantially more data. Together with partners Ardmore Banking Advisors and CBANC, Fintellix conducted a 2-part virtual workshop on 29 September and 7 October that assessed the impact of new FASB guidelines and outlined the roadmap for a successful transition.
The Monetary Authority of Singapore (MAS) is close to finalising the proposed revisions to the MAS 610 and MAS 1003 notices. The impact of the proposed changes is expected to be significant and banks have 18 months to implement them. Fintellix, together with global Financial Services advisory EY, global technology giant Cognizant and leading Singapore IT services provider NCS, hosted an exclusive briefing session that examined the impact of changes in MAS' guidelines and demonstrated the advantage of 'future-proofing' compliance as a strategic imperative.
Read the in depth story about Fintellix's plans for the unaddressed 'emerging' community banks market. The feature talks about the exciting entrepreneurial journey that started in 2006 with a focus on BI & analytics to eventually being rebranded as Fintellix with compliance and risk management software as flagship products; and how in India, Fintellix has positioned itself as a compliance leader who can help banks meet stringent regulatory reporting norms. More
Held at the Hilton Mauritius on July 24, the Fintellix CXO Briefing demonstrated how Mauritian banks can leverage a next generation platform to lay the foundation for future-proofing compliance with BOM. Together with leading XBRL technology expert Iris and Port Louis based technology services provider Mausage, Fintellix shared experiential insights on how existing data management investments can be leveraged to address current and upcoming local and global regulations such as Automated Data Flow (ADF), Risk-based Supervision (RBS), Liquidity Credit Ratio (LCR), FATCA, etc. More
Ardmore Banking Advisors and Fintellix have joined hands to offer a comprehensive solution to help community banks manage their regulatory compliance matters more easily, and enable bank management to focus on business growth and profitability. The Fintellix - Ardmore partnership is a unique ‘global/local’ alliance that combines global expertise, local experience, and next generation solutions to lower the cost of compliance for community banks. More
Held at the Four Seasons Hotel on 11 June, Fintellix’s ‘by invitation only’ briefing had banking leaders share insights on how banks can leverage innovation to lay the foundation for future-proofing compliance with RBI. The briefing demonstrated how existing investments in Automated Data Flow (ADF) can be easily leveraged to address upcoming local and global regulations such as RBS, LCR, FATCA, etc. Sessions covered topics such as - staying ahead of the compliance curve in a demanding regulatory environment; RBI’s new RBS regime: trials and tribulations of constant compliance; building a future-ready compliance infrastructure and ideas around building a ‘compliance-proof’ bank. More
Fintellix sponsored this year’s annual American Bankers Association CFO Exchange. Held from June 8 – 10 at the Hilton Downtown in Nashville, Tennessee the conference educated community bank CFOs about accounting rules, economic trends, financial metrics, portfolio management, and more. In association with its knowledge partner, Ardmore Banking Associates, Fintellix demonstrated its Allowance for Loan and Lease Losses (ALLL) Management Module from its Credit Portfolio Management suite, bringing a proven ALLL methodology delivered on a next generation automation platform to community banks and credit unions. More
ABTEC is the largest and most prestigious event that convenes the entire financial technology community from across the Middle East and North Africa (MENA) region. Scheduled to be held between 09-10 June at the Abu Dhabi National Exhibition Centre, this year’s ABTEC will continue to share new idea and game-changing solutions to serve a US$13 bn per annum regional financial technology market. GCC’s premier technology solutions provider Finesse, along with India market leader for Compliance Fintellix, will jointly showcase Fintellix’s next generation Regulatory Compliance solutions at booth A9. More.
Over the years, most developing nations have tried to strengthen their banking sector, primarily by introducing globally accepted regulations. Despite the global regulations being toned down and localized to suit the specific requirements of a particular geography, most banks are still in a nascent stage of technological evolution to absorb the changes as mandated. Regulators in developing markets must understand that for banks to comply with newer regulations in the future, there has to be considerable amount of background technological evolution primarily from a data perspective. Published in BFSI Vision magazine this article illustrates how developing nations can take a cue from the Reserve Bank of India (RBI) before creating a roadmap for Risk and Compliance regulations. More.
With the theme 'Make Sense of Risk', the 2015 American Bankers Association’s Risk Management Forum was held from April 15 to 17 at the Hyatt Regency, St. Louis, Missouri. This year's Forum covered the range of risk areas facing today's banks, including enterprise, operational, regulatory and security to understand key insights risk managers need to identify, monitor, measure and control risk across the banking enterprise. Fintellix showcased its Cloud-based ALLL Manager product built on its future-proof next generation Data Platform at the Forum. More.
Finesse has partnered with Fintellix, a leading Compliance, Risk and Analytics products and solutions provider for global financial sector to offer their compliance solutions amongst banks in the GCC. Meanwhile a premeir Indian Private bank has chosen Fintellix's Risk-based Spervision (RBS) solution with a strategic vision to transition smoothly to the country's new 'RBS-driven' regulatory regime. More.
Active data mining and analytics could be the panacea for NPAs that are stretching banks. Big data analytics firms with specialized products for the banking industry opine that algorithms can be used to analyze variables (such as the macro-economic situation in the Loan sector, Rupee fluctuation, taxation structure changes, transaction history, instalment payment patterns and financial statements) and correlate them to provide insights about loan performance before actual default, thereby helping banks to proactively manage their NPAs. More.