Wachovia, US opts for I-flex's Reveleus Basel-II

Reveleus, a business of i-Flex Solutions and a global provider of analytical applications for the financial services industry, has announced that Wachovia Corporation, the fourth largest bank holding company in the US, has selected its Basel-II solution.

The company would provide Wachovia with a complete, pre-packaged solution enabling it to compute regulatory capital as per the advanced internal ratings based approach of the Basel II accord. He however declined to reveal the order size, S Ramakrishnan, CEO of Reveleus, 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. "The selection of Reveleus by Wachovia, as well as other tier-1 North American banks validates the vision, functionality and breadth of Reveleus Enterprise Risk and Compliace offerings," Ramakrishnan said.

Meanwhile, with the demand for its risk management and Basel-II solutions in North America and Europe, Reveleus is going to increase its headcount in India. The company has a team of about 220 professionals based out of its global development and support centre in Bangalore.

"We are expecting to be a team of around 350 professionals that include development, implementation and support team, by the end of this year," Meenakshy Iyer, VP (engineering) Reveleus, said.

The growth is primarily driven by the increased adoption of Basel II compliance solutions in the Norh American and European market. We also expect the spate of activities in India in the next three to six months, as the Reserve Bank of India has asked all banks to adopt a standardised approach for credit risk and basic indicator approach for operational risk by March 31, 2007," Iyer said.