Press release
Revere Bank and Virginia Commonwealth Bank Select SS&C for CECL Transition
WINDSOR, Conn., Aug. 5, 2019 /PRNewswire/ -- SS&C Technologies Holdings, Inc. (Nasdaq: SSNC), today announced that Revere Bank and Virginia Commonwealth
About this update from Ss&c Technologies Holdings, Inc.
[{"type":"text","content":"WINDSOR, Conn., Aug. 5, 2019 /PRNewswire/ -- SS&C Technologies Holdings, Inc. (Nasdaq: SSNC), today announced that Revere Bank and Virginia Commonwealth Bank will use SS&C Primatics' EVOLVEA platform to facilitate reserving under the Current Expected Credit Loss (CECL) accounting standard. \n\n \nCECL is one of the most significant changes to accounting standards affecting financial institutions. CECL does not dictate a specific methodology to estimate expected credit losses therefore it is important to have a comprehensive, flexible and supportable solution. To address the needs of mid-sized community banking institutions, such as Revere and Virginia Commonwealth, SS&C Primatics developed the Enhanced Analytical Reserving Solution (EVOLVEA), which brings together sophisticated models and practical approaches. \n\"Being ready for the CECL deadline was a top priority. We chose EVOLVEA since it's intuitive with outstanding analytic capabilities that can break down calculations to the loan level to better understand and explain results,\" said Carrie Quinn, Executive Vice President and Chief Financial Officer, Revere Bank. \"We are confident that leveraging the EVOLVEA solution, which includes a reasonable and supportable macroeconomic forecast, along with SS&C Primatics' deep expertise, will allow us to make a successful transition to CECL.\"\n\"Finding the right solution and the right partner for us was key,\" said Judy Gavant, Chief Financial Officer, Virginia Commonwealth Bank. \"From the beginning, we were very impressed with EVOLVEA's superior reporting and analytical capabilities, as well as their team of experts who clearly understood our language and business.\" \n\"We have designed EVOLVEA to have powerful models that are simple to use, including forward-looking forecasts,\" said Kwang Sin, Senior Vice President and General Manager, SS&C Primatics. \"We are excited to partner with Revere and Virginia Commonwealth to provide them with a complete solution to generate the CECL estimate.\"\nAbout SS&C Technologies\nSS&C is a global provider of investment and financial software-enabled services and software for the global financial services and healthcare industries. Founded in 1986, SS&C is headquartered in Windsor, Connecticut and has offices around the world. Some 18,000 financial services an...