Finastra & Uni Systems Extend Partnership To Enable Financial Institutions To Meet New Risk Management Regulation

Date:

Share post:

Finastra and Uni Systems have extended their partnership to help financial institutions in the Adriatic, Central and Southeast Europe regions comply with the Basel Committee’s Fundamental Review of the Trading Book (FRTB) reporting requirements, effective in 2025. Under the new agreement, Uni Systems can offer its customers Vector Risk’s Trading Book Market & Credit Risk Solution, via Finastra’s FusionFabric.cloud and hosted on Microsoft Azure, for cloud-based automation of credit and market risk calculations in the trading book.

The FRTB is a comprehensive suite of rules proposed by the Basel Committee on Banking Supervision (BCBS) that capital banks must hold against market risk exposures. It expands the current market risk framework to ensure that internal models used by banks to calculate capital requirements efficiently cover risks, and to simplify comparisons of risk-based capital ratios across banks.

Also Read: The Increasing Opportunities of Banking as a Service (BaaS)

“Complying with regulations such as the FRTB is a big undertaking for banks, particularly when timeframes are tight and IT systems cannot support the necessary changes,” said Benoit Riquet, CPO, Treasury & Capital Markets at Finastra. “By partnering with Uni Systems and offering Vector Risk’s solution via our platform, more banks will benefit from ongoing upgrades and regulatory compliance, quickly, with reduced project risk and without the need for new IT infrastructure.”

Trading Book Market & Credit Risk is a SaaS solution providing out-of-the-box connectivity with Finastra’s treasury and capital market solutions, standard market data packages and institutions’ internal data. It automates the standardized approach for counterparty credit risk (SA-CCR), Value at Risk (VaR), Potential Future Exposure (PFE), credit valuation adjustment (CVA) and others that will follow. Uni Systems provides strategic guidance, project management and technical execution.

“Vector Risk’s solution on Finastra’s platform enables institutions to easily comply with market and credit risk regulations, while improving their regulatory and internal reporting metrics,” said Constantine Serros, Banking & Financial Services Business Unit Director and BoD member at Uni Systems. “Seeing this compliance need coming, we decided to further extend our partnership with Finastra to enable our customers to take complete control, with a cost-efficient cloud-based solution that automates the calculations of risk measurements which demand a unique data workflow.”

TalkFintech Bureau
TalkFintech Bureauhttps://talkfintech.com
TalkFintech is focused on the latest financial sector technologies and tools- covering all tech used by banks, investors, insurance, and wealth management sectors- and also conversations on retail financial management tools.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

spot_img

Related articles

TerraPay appoints Ruben Salazar Genovez, former Head of Visa Direct, as President

TerraPay, a global money movement company, is pleased to announce the appointment of Ruben Salazar Genovez, recently the...

Crif launches ESG analytics tool for UK banks

ESG Analytics from CRIF, a provider of consumer and business credit information and a key global player in...

Pulsate raises USD 7.7 million in its Series A funding round

Pulsate, a mobile-first customer engagement platform for community financial institutions, has secured USD 7.7 million in funding. Pulsate's platform...

Revenir AI, a FinTech firm, launches hassle-free mobile VAT reclaim for travelers

Revenir AI, a UK FinTech startup, has developed a white-label app for banks that allows travelers to automatically...