Empyrean Solutions® announces the release of Empyrean Budgeting & Planning™ for financial institutions
A solution that fully integrates with Empyrean's market-leading Asset-Liability Management solution and solves a major deficiency in the market by better aligning risk and performance management.
WOBURN, MASS (August 30, 2022) — Empyrean Solutions is pleased to announce the market release of its new, cloud-based Budgeting and Planning Solution, Empyrean Budgeting & Planning™, generally available to the financial services industry as of today. The solution, while offering the features and ease-of-use of a comprehensive multi-user planning system, fully integrates with Empyrean’s industry-leading Asset/Liability software, Empyrean ALM®, ensuring banks and credit unions that their assumptions and results will be easily reconcilable across the two disciplines. “Easily sharing assumptions such as rate scenarios and prepayment rates from the treasury/risk team’s Empyrean ALM® system helps our customers maintain consistency and accuracy across all finance and risk activities while allowing performance managers to concentrate on what they know best,” says Kevin Studders, Principal, Product & Strategy, at Empyrean.
“Over my 35-plus years in the industry, banks and credit unions have been asking for a solution that would make it easier for them to share information between the performance and risk management teams,” says Ken Levey, Managing Director, at Empyrean Solutions. “What makes Empyrean’s solution unique is that we have such a flexible platform, and that we were able to meet this need without sacrificing the needs of planning personnel to plan at any level of the organization.”
Empyrean Budgeting & Planning™ is designed with the end user in mind, offering an easily configured solution that offers a myriad of setup options based on the way that an institution plans, without the need for product customization. The system allows administrators to easily create strategic plans, rolling forecasts and budgets for virtually any timeframe desired. “We have spent just under two years developing this solution, and the feedback from the marketplace thus far has been remarkable as close to 20 customers will go live on it in 2022,” says Chris Maclin, CEO of Empyrean. Chris went on to say that “this product distinguishes us from the rest of the software solutions currently available by offering our clients an intuitive front-end that doesn’t sacrifice the accuracy needed to model and simulate complex financial balance sheets.”
About Empyrean Solutions
Empyrean Solutions is a leading provider of asset/liability management, risk, compliance, and performance management solutions for banks and credit unions. Empyrean's software allows financial institutions of all sizes to take control of their balance sheet management, scenario planning, and risk/performance analysis in a single integrated software platform. The company offers a host of modules, including asset and liability management, liquidity stress testing, deposit analytics, budgeting, and profitability to provide a centralized view of an institution's financial strength for the broader office of the CFO and key business stakeholders. Led by industry veterans with extensive expertise in financial institution risk & performance management technology, Empyrean has grown rapidly, tripling revenue over the past three years while operating profitably, as leading banks and credit unions have increasingly adopted Empyrean software solutions. Empyrean has powered the balance sheet analysis of over $2 trillion of cumulative customer AUM since its founding in 2010. Through their deployed software and outsource solutions services division, FICast, Empyrean works with over 600 banks and credit unions, ranging from $50 million to $200+ billion in assets.
