Wachovia selects Reveleus for Basel II directives

Bangalore, June 12 (UNI) The fourth largest bank in the US, Wachovia Corporation, has selected the Basel II solution of Reveleus, a business partner of banking software solution provider Iflex solutions.

Talking to newspersons here today, Reveleus CEO S Ramakrishnan said Wachovia was one of the Tier one banks mandated by the US banking regulations to comply with the Basel II capital adequacy directives. The Bank, with assets worth 541.8 billion US Dollars and a market capitalisation of 90.2 billion Dollars, was the third major win for it in the US, after Citygroup Inc and Wells Fargo and Company.

He said Reveleus would provide Wachovia with a complete prepackaged solution, enabling it to compute regulatory capital as per the advanced internal ratings based approach of the Basel II accord.

He said ''The selection of Reveleus by Wachovia as well as other Tier 1 North American Banks validated the vision, functionality and breadth of Reveleus Enterprise Risk and compliance offerings. We are committed to delivering on our strategic partnership with Wachovia to ensure that the Bank can accurately measure and manage its capital requirements''.

On Indian banks, Mr Ramakrishnan said with the Reserve Bank of India stipulating the banks to adopt standardised approach for credit risk and basic indicator approach for operational risk by March 31, 2007, most of the banks were in the process of collecting data and putting up necessary structure in place. Banks had already started their decision making process and by December things should be in place.

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