Belgium-based FinArch, a provider of financial management software, and its local partner TIM have announced the accomplishment in the execution of Phase 1 of EastWest Bank’s financial transformation program in the Philippines.
Phase 1, with the new ledger system from FinArch, is expected to provide the bank with timely, granular and more accurate reporting. Internal reporting comprises information on the bank’s net income, subledger and trial balance for the bank’s senior management, financial management group and accounting.
According to FinArch, the new ledger system lies on a foundation built on a financial data architecture supporting both risk and financial data. EastWest Bank also runs Financial Studio’s event-based accounting engine to generate the accounting entries from transactions which existing systems do not provide and to execute balance sheet transfers, for the purposes of the dynamic reporting requirements of bank management and the regulators.
Antonio Moncupa, president of Eastwest Bank, said: This ledger solution of Financial Studio is pivotal to the bank’s aim of consolidating its financial management efforts. With bank management having ready access to bank financial information from a single version perspective, it puts the bank in a more competitive stance in the realization of its strategies and plans. As seen from the dedication of the implementing team, the bank is truly glad to have partnered with FinArch and TIM who shared with the bank its objective of achieving financial transformation.