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Oracle and Reveleus Report SunTrust Banks' Selection of Reveleus Basel II Solution(Wireless News Via Thomson Dialog NewsEdge) Reveleus, a business of i-flex solutions and a global provider of analytical applications for the financial services industry, and Oracle announced that SunTrust Banks, a banking organization in North America, has selected the Reveleus Basel II Solution as a central component of its planned adherence to the Basel II capital adequacy regulations. The solution will help deliver sophisticated risk management capabilities that support the needs of the business, enable risk-enlightened management and the optimal allocation of capital. The solution will span all activities of the Bank including Consumer, Commercial, Mortgage, Private Clients and Capital Markets. The engagement is under the auspices of the strategic Basel II reseller agreement between Oracle and Reveleus and enables SunTrust to reap the benefits of the close alliance between the two organizations. Oracle is a majority owner of i-flex solutions. The Basel Committee on Banking Supervision is an arm of Switzerland-based Bank for International Settlements, which has defined the Basel II capital adequacy requirements for global banks. One of the committee's principal goals is to reduce risk in the financial system worldwide by aligning each bank's capital requirements to more accurately reflect its credit, market and operational risks. Speaking on the relationship, Mark Chancy, CFO at SunTrust said, "This is an important initiative for SunTrust as we move towards increasing sophistication in our risk and performance management practices. We needed to partner with a company that understood our needs and had a proven record in delivering market leading banking analytic solutions. The solution from Reveleus and Oracle ideally meets our requirements." Commenting on the customer win, S. Ramakrishnan - CEO of Reveleus and Mantas, said, "The Reveleus Basel II Solution, will help SunTrust to enhance its business process that deals with the complexities of risk management and capital allocation. In addition, customers like SunTrust see Reveleus as the foundation element in their Risk and Finance analytic capability strategy. " ((Comments on this story may be sent to [email protected])) ((Distributed on behalf of 10Meters via M2 Communications Ltd - http://www.m2.com)) ((10Meters - http://www.10meters.com)) Copyright 2007 Wireless News |