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FinArch & NOVATTE Announce Excellent Performance Test Results of Financial Studio for IFRS
FinArch, the leading international software provider of integrated, finance and risk solutions, is pleased to announce the collaboration with Intel and Intel’s Platinum Partner and builder of high performance computers, NOVATTE.
For financial institutions across the globe, performance is of primary importance. Calculated results for IFRS, ALM and Basel II for management decisions and reporting to the regulators become more and more time critical. FinArch is constantly seeking new ways to further improve performance on large volumes of data as part of the company’s continuous product development to better serve its large customers.
To improve performance, it is important for both software and hardware vendors to collaborate on scaling and fine tuning software applications using the most sophisticated technologies available on the market in the quest for maximum performance and faster delivery of the calculated results to the end user.
This collaboration between FinArch, Intel and NOVATTE has resulted in processing month-end IFRS Accounting calculations and postings on a loan portfolio of 1 million within 14.53 minutes. Near linear scalability was observed when increasing the workload to This performance test on the latest version (4.0) of FinArch’s flagship product Financial Studio and NOVATTE’s latest generation of CloudBee Series of servers utilizing the Intel® Xeon® processor E5 product family. The benchmark demonstrates Financial Studio’s ability to efficiently process extremely high volumes of data in a timely manner. Through the addition of hardware (horizontal scaling), the workload of any Financial Institution can be comfortably handled.
NOVATTE’s CloudBee servers were specially developed for the financial services industry (FSI) with support from Intel to optimize the system design based on latest generation server building blocks. The CloudBee servers deliver to end users ultra-low latency, class leading performance, high data throughput, system density and reliability. As such, CloudBee servers perfectly recommended themselves for all financial institution and stock exchange datacenter environments.
“The new Intel Xeon processor E5 product family delivers leadership performance, breakthrough I/O innovation and trusted hardware security features to enable IT to scale. Supporting up to eight cores per processor and up to 768GB of system memory, these new processors also support Intel® Integrated I/O which reduces I/O bottlenecks and increases I/O bandwidth, benefiting I/O intensive applications such as financial analysis.” says Paul Haines, Director of Enterprise Solution Sales, Intel Asia Pacific. “We are delighted to see Financial Studio benefit from performance increases with the latest Intel® Xeon® E5 processor based systems”
Chris Puype, Co-Founder & Managing Director for APAC at FinArch comments: “FinArch’s IFRS solution has been implemented by a large number of financial institutions worldwide over the past 15 years. It is completely integrated with FinArch’s other modules such as ALM, Basel II & III, and our Compliance solution for reporting to internal management and to the regulator/central banks. With this fast performance, our customers get a bigger window of opportunity to evaluate the calculated results for better and faster management decisions. It also demonstrates that we are a progressive company continuously improving our products to deliver the highest performance currently available in the market to our customers’.
Yury Drozdov, CEO at NOVATTE, shares: “It was extremely exciting and enjoyable working closely with FinArch on this project. We analysed different stages of what Financial Studio V.4 software does during each particular stage. NOVATTE, Intel and FinArch have worked methodologically on the performance until the processes accelerated to this extent for the same unchanged software. We are looking forward to continuing our collaboration with FinArch, and to bringing Financial Studio to the Cloud as soon as possible to deliver more value to FinArch’s customers.”
Intel is a world leader in computing innovation. The company designs and builds the essential technologies that serve as the foundation for the world’s computing devices. Additional information about Intel is available at newsroom.intel.com and blogs.intel.com
NOVATTE is the Singaporean supercomputer manufacturer. NOVATTE delivers customized High Performance Computing systems for Financial Services Industry, scientific researchers, software developers and HPC application users who require low-latency, high performance and reliability. Fine-tuning systems to specific needs and industry verticals, NOVATTE allows its customers to gain drastic competitive advantage in performance, CAPEX savings, operating cost savings and reliability over the peers who use standard boxed solutions widely available on the market.
Unique Admin-friendly (c) approach, industry leading price, flexibility and fastest deployment and support differentiates NOVATTE as the leading HPC provider in the Asia Pacific region.
Financial Architects NV (FinArch), with offices in the major financial centers worldwide, is a global value leader in providing a new generation of financial management software. FinArch provides a unique blend of domain expertise, operational services, and technology solutions that accelerate and facilitate financial institutions’
With its flagship Financial Studio, FinArch has been positioned as a Market Leader in integrated risk and finance solutions. With its highly customisable modules and scalable database, Financial Studio brings together in a single application environment the tools banks need to manage, measure, and report all their financial activities. The integrated approach of the different modules (IAS/IFRS, Product Control, Liquidity Risk, ALM, Basel II, Basel III, E-Cap, regulatory reporting…) guarantees economies of scale and ease of implementation. A suite of generic, or foundation, modules underpin the power and security of the Financial Studio FRP solution.