Premier Indian Private Bank takes Fintellix for activating 'future-proof' Risk-based Supervision platform
Appoints Regulatory Compliance market leader as partner for charting strategic Compliance roadmap. 3 of the top 4 Indian Private Sector Banks now relying on Fintellix for Regulatory Compliance.
- (1888PressRelease) February 11, 2015 - With a strategic vision to transition smoothly to the country's new 'RBS-driven' regulatory regime, the Bank has chosen Fintellix's Risk Based Supervision solution. This pro-active initiative by the bank will help it migrate efficiently towards complying with the Indian Central Bank, the Reserve Bank of India (RBI)'s risk-based supervision guidelines by leveraging the effort spent on RBI's Automated Data Flow initiative, while at the same time benefiting from features like customizable workflows, seamlessly integrated action plans and superior collaboration capabilities.
The RBS submission team at the bank will now have complete control at a data-point level, while simplifying management of the submission by supporting team-level administration, collaboration between various teams, easily configurable workflows, dashboards for continuous monitoring and a slew of powerful features.
India is a complex regulatory environment and has a strong and pro-active Regulatory ecosystem that is considered a benchmark by central banks of several progressive economies. Significant regulatory mandates in the Indian banking regulation world invariably gets mandated in other geographies as well.
Also, Regulatory Compliance is more about complex data management and less about the actual reporting. Data management and its central role in delivering trusted data that regulators can rely on, therefore becomes paramount. Fintellix makes substantial investments in tracking global compliance trends to extract common themes that get incorporated in Fintellix's next generation Data management platform in advance, e.g. Fintellix's foresight for RBI's ADF and BCBS239 well before the regulators published the papers.
With its next generation platform, Fintellix has solved compliance challenges for some of the fastest growing banks in the fastest changing compliance ecosystems. Moreover, clean data is the bedrock of compliance and each compliance initiative needs to leverage a common platform of clean, unified data. Fintellix's SEMI (Single Extract Multiple Implementation) is a critical component for preventing loss of time, effort and money of building in silos.
Incidentally, Fintellix is the only product for RBS and having the maximum number of installations; currently 14 banks - for ADF, NPA and RBS. Critical success factors such as Faster Implementation, Agile Change Management and operations and Data Re-use for newer CRA (Compliance, Risk and Analytics) requirements have made Fintellix the preferred choice of banks.
Speaking on the occasion, Anup Pai, COO, Fintellix remarked, "Change is constant in the Compliance ecosystem and the key requirement for any regulatory compliance solution needs to be agility to handle change. Our customer has always been amongst the first movers for implementing regulatory best practices in India and we are delighted that they have chosen Fintellix's Risk-based Supervision solution to enhance their compliance efficiencies."
Meanwhile Fintellix is also expanding its geographic footprint to include the GCC which has a progressive and discerning banking sector with specific compliance challenges - both global and local. Fintellix is operationalising a partner-led market strategy in the GCC, where leading technology partners in the region, such as Finesse, will drive adoption of Fintellix's next generation Compliance solutions amongst banks in the GCC.
About Fintellix Solutions (formerly iCreate)
Headquartered in Bangalore, India and with offices in Mumbai, Manila, Johannesburg, Dubai and New York, Fintellix is a leading Compliance, Risk & Analytics (CRA) Products and Solutions provider for the global Financial Services industry. Fintellix's Banking solutions are available for on-premises implementations as well as provisioning from a Regional Cloud Infrastructure. Fintellix is currently active in India, US, Europe, Middle-East, Africa and South East Asia; and has some of the Global Top 50 Banks and leading Global/ Regional banks as clients. www.fintellix.com
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