Wells Fargo and Reveleus for Basel II
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U.S. bank Wells Fargo has selected the Reveleus Basel II suite for its credit capital calculation. The credit solution will provide Wells Fargo with a complete set of rules, computations, business definitions and underlying data structures to support the bank's computations according to the Advanced Internal Ratings Based Approach of the Basel II Accord. Basel II is an accord that banks have to follow in calculating their capital adequacy requirements. Essentially each bank will have to align their capital with the profile of its credit, market and operational risks. Basel II is defined by the Basel Committe on Banking Supervision, part of the Bank for International Settlements. The deal follows the recently-announced agreement between Oracle and i-flex solutions for Oracle to resell the Reveleus Basel II solution and enables Wells Fargo, a strategic Oracle customer, to benefit from the alliance. Speaking on the relationship, Nick Deshpande, Head of Wells Fargo's Corporate Project Office said, "We sought a partner with a proven track record of execution in the Basel II space and an application that would work well with the structure of our business. This solution from Reveleus and Oracle is one that fits the bill."
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