Press
METIS Financial Network and ARCSys™ partner to assist financial institutions with FASB CECL transition
Alliance helps financial institutions manage changes in loan loss reserve calculations-
RANCHO SANTA FE, CA (August 18, 2014) — METIS Financial Network, a provider of enterprise management solutions, announces its strategic alliance with Norfolk, Virginia-based ARCSys™ to help banks and credit unions better manage the additional data required under the Financial Accounting Standards Board’s (FASB) proposed Current Expected Credit Loss (CECL) model.
The CECL model transitions financial institutions from an incurred loss model to a life-of-loan expected loss model, drastically changing the way these institutions must calculate and manage their Allowance for Loan and Lease Losses (ALLL). The alliance between METIS and ARCSys will provide banks and credit unions with the powerful combination of ARCSys’ specialized accounting applications for automation of ALLL calculations, and METIS’ robust data management capabilities. This will serve to both streamline ALLL calculations and improve the accuracy and accessibility of the decision-making data.
“We believe that capital requirements and the way banks calculate loan loss reserves is a major regulatory challenge facing every financial institution,” said Floyd W. Kephart, Chairman of METIS. “As banks and credit unions prepare for this transition, they must move away from reliance on manual, spreadsheet-heavy work and consider more automated solutions. The relationship between METIS and ARCSys will help contribute to a more manageable move to the CECL model.”
ARCSys Managing Director Mike Umscheid noted, “Our strategic alliance with METIS Financial Network complements and expands our ability to address the critical data management challenge within our clients’ responses to pending and future FASB ACL and CECL guidelines. This is truly a milestone event for our clients and we look forward to continuing to develop ways we can work together for the benefit of all of the parties of interest.”
About METIS Financial Network
METIS delivers enterprise management solutions that centralize business intelligence, processes and people to create a trusted operating Network of Everything. METIS uses advanced technology and industry knowledge to develop solutions unique to the financial, real estate and public sectors. To learn more, visit www.metisfn.com.
About ARCSys
ARCSys™ provides specialized accounting and business analytical software to financial institutions to better estimate, calculate, report, and manage complex accounting processes and procedures. These software-as-a-service (“SaaS”) solutions combine accounting support and risk management/modeling into intuitive applications with Data Warehouse functionality. ARCSys Solutions™ support our clients by expanding and enhancing their core competencies while creating value as they reduce the time and resources needed to generate best-of-breed, proven, responses to all allied accounting, regulatory and compliance requirements. To learn more, visit arcsysonline.com.