April 25, 2019
Two Belgian FinTech companies join forces to provide the European market with real-time, cutting edge Finance, Risk, Regulatory Reporting and big data management applications.
Empyrean Solutions and b.fine originate both from Financial Architects – ‘FinArch’, an award winning Belgian software company which was founded in 1997 by Chris Puype and Dirk De Beule. Finarch provided regulatory finance and risk solutions for the financial industry and was acquired by Wolters Kluwer Financial services in 2012.
Several years later and backed by an industry changing technology wave, Empyrean solutions and b.fine now partner up to provide the European market with faster, more affordable and better fit for purpose solutions to tackle the ever-changing regulatory landscape.
“This Partnership with Empyrean Solutions reinforces the role of b.fine as RegTech player in the market. Not only is Empyrean solutions’ NXT platform a great step forward in terms of technology and usability, it also ties in perfectly with b.fine’s own regulatory offering. We are looking forward to delivering these innovative solutions to our client base” said Bert De Vriendt, Managing Director and Co-Founder of b.fine.
“Both the folks at Empyrean and b.fine know each other inside out having worked together for over a decade. We share the passion to bring data management, Risk, Finance and Reg Solutions to our clients faster and cheaper than ever before. Time for the industry to become real-time” said Chris Puype, CEO and Founder of Empyrean Solutions.
About Empyrean Solutions
Empyrean Solutions was established in 2017 by Chris Puype, one of the former founders of Financial Architects. Several ex-Finarch key members joined Chris in this new venture and Empyrean now has offices in Bangkok (Thailand), Jakarta (Indonesia) and Mechelen (Belgium).
By making use of the latest technology available and applying micro-services and data streaming architectures, Empyrean brings real-time Finance and Risk management to the Financial industry.
With the unparalleled performance and the cutting-edge technology, Empyrean Solutions managed to convince more than 10 financial institutions in 2018 only, for their adoption of IFRS 9 and Basel IV. Real time simulations and stress tests on millions of contracts are performed in a matter of minutes instead of hours or days. The exceptional performance, lower total cost of ownership together with the user intuitive interface makes Empyrean very different to the traditional vendors.
The current list of clients is diverse; from the biggest bank in Indonesia over SME lending focused banks to Multi finance institutions.
b.fine was established in 2017 by Klaas Van Imschoot and Bert De Vriendt with a vision to industrialize the reporting processes within the financial industry. They were quickly joined by a team of RegTech enthusiasts that share this vision.
Due to an ever-increasing regulatory pressure with shorter deadlines, banks are facing challenges to keep their reporting platforms up-to date and the associated costs under control. In order to support the financial institutions in keeping up the pace of regulatory change, b.fine has developed an ingenious service catalog.
b.fine has also bundled its expertise gained on many different regulatory inspired projects into a set of smart building blocks which drastically reduces the implementation time of new reporting requirements and easily connects with other packages.
Several financial institutions are already counting on b.fine’s expertise to assist them in their regulatory reporting processes.