LONDON, Dec. 5, 2019 /PRNewswire/ -- Finastra today announced that Pancreta Cooperative Bank, a leading cooperative organization in Greece with more than 85,000 active members, has selected its Fusion Risk solution to automate regulatory reporting and minimize the cost of compliance. The solution is also the first step towards modernizing the bank and streamlining its internal and external processes.
"Pancreta is focused on meeting the banking needs of our customers, supporting their business and banking needs in the most efficient and personalized way. Optimizing regulatory compliance is essential as we continue to grow the bank and evolve our product offerings," said Chrisanthi Papadopoulou, Executive General Manager at Pancreta Bank. "It is critical for a Greek bank like Pancreta to have a strong and reliable predictive solution, capable of anticipating business decisions. To achieve this, we required data and scenario-consistent reporting, and a tool for the attribution of regulatory capital burden. Finastra's Fusion Risk solution is the obvious choice for supporting our compliance needs for Basel III, IRRBB and IFRS9's specific requirements."
The implementation of Fusion Risk will allow Pancreta to automate regulatory reporting and compliance processes, as well as ALM and balance sheet management. It will also reduce the effort needed to achieve compliance and give a more accurate and faster view of the balance sheet. Bank users will benefit from increased automation, a reduction in manual work and the ability to focus on more strategic tasks, such as effective management of non-performing exposures (NPEs) and improving the loan portfolio.
"Pancreta was seeking the best solution to optimize its regulatory compliance functions and also a trustworthy partner to provide seamless integration and support," said Arnaud Picut, Head of Risk Practice at Finastra. "Fusion Risk's regulatory automation capabilities will help support Pancreta's targets for future growth as it seeks to increase customer deposits, restructure its branch network and expand to new markets."
The breadth of functionality offered by Fusion Risk, its advanced user interface and the usability of the regulatory reporting capabilities were all key differentiators in the selection process. Deployment at Pancreta will be carried out in partnership with trusted implementation partner Neoflex.
Anton Sparinapti, Partner, Head of Business Development at Neoflex said, "Our team of experts' experience in implementing complex information systems and our strong relationship with Finastra meant that we were able to develop a strong, effective partnership around Fusion Risk. This results in successful projects with speedy delivery at a reasonable cost, around the world."
Finastra unlocks the potential of people and businesses in finance, creating a platform for open innovation. Formed in 2017 by the combination of Misys and D+H, we provide the broadest portfolio of financial services software in the world today—spanning retail banking, transaction banking, lending, and treasury and capital markets. Our solutions enable customers to deploy mission critical technology on premises or in the cloud. Our scale and geographical reach means that we can serve customers effectively, regardless of their size or geographic location—from global financial institutions, to community banks and credit unions. Through our open, secure and reliable solutions, customers are empowered to accelerate growth, optimize cost, mitigate risk and continually evolve to meet the changing needs of their customers. 90 of the world's top 100 banks use Finastra technology.
Please visit finastra.com.
About Pancreta Cooperative Bank
Pancreta Bank was established in 1993. Today, it is the largest cooperative organization in Greece with more than 85,000 active members and 450 employees.
It has a network of 52 branches all over Greece, most of them in the island of Crete (45) and the rest in Attica (4), Thessaloniki (2) and Cyclades (1-Milos). A new branch is planned to open in the island of Rhodes by the end of the year.
Please visit pancretabank.gr
For further information please contact:
4 Kingdom Street
London W2 6BD