Wachovia selects Reveleus for Base II Compliance initiative

Mumbai, June 12 (UNI) Reveleus a business of i-flex solutions and a global provider of analytical applications for the financial services industry today announced that Wachovia Corporation the bank holding company in the United States has selected the Reveleus Base II solution.

Reveleus will provide Wachovia with a complete pre-packaged solution enabling Wachovia to compute regulatory capital as per the Advanced Internal Ratings Based Approach of the Basel II Accord, a release isued here today said.

Wachovia is one of the Tier 1 banks mandated by the United States banking regulators to comply with the Basel II capital adequacy directives.

Director of External Reporting at Wachovia, senior Vice President Pete Carlson, said, ''We chose Reveleus for the completeness and flexibility of the Reveleus Basel II Solution and its ability to meet our current and future requirements.'' ''We have also found that the Reveleus team possesses deep expertise and a detailed understanding of the basel II regulatory capital requirements. Wachovia is looking forward to our partnership with Reveleus to help ensure that we meet our compliance deadlines.'' UNI LS MJ AW1911