Savvion introduces BPM service for banks

Savvion, a provider of business process management services, has introduced Savvion Banking Foundation, a BPM-enabled service that enables banks to keep pace with the rapid changes precipitated by the current credit and financial market crisis and to comply with new regulations and requirements.

According to the company, Banking Foundation allows banks to monitor and improve their business processes across a wide range of banking functions, including loan processing, underwriting, and servicing. It allows financial institutions to build applications to handle whatever new regulations are imposed, giving them the increased agility and flexibility that traditional banking do not deliver.

Banking Foundation users can implement process changes and deploy them globally in a fraction of the time because of the open architecture and user-friendly interfaces of Savvion's business process management system, said Savvion.

Savvion Banking Foundation encompasses a collection of artifacts, process models and templates, along with reference implementations and practices tailored for the banking industry. As a result, customers are able to build new and flexible banking applications that can be changed to meet future needs, added Savvion.

MA Ketabchi, president, CEO and founder of Savvion, said: In these volatile times, regulatory agencies are scrutinizing financial institutions more than ever. Banks' management must be able to monitor, control, and continuously improve their business processes in real time. They must also leverage investments made in existing information systems, integrate with disparate systems inside and outside their enterprise, and continuously optimize their operating costs.

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