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Company Overview of Primatics Financial LLC
Primatics Financial LLC develops and delivers integrated risk and finance solutions for loans. The company offers EVOLV, a cloud-based integrated risk and finance solution designed to tackle the end-to-end process challenges impacting various loan lifecycle events faced by financial institutions of various sizes; and EVOLV Smart Data Solution, which provides financial institutions capabilities to source, transform, enrich, and analyze loan data. Its platform equips financial institutions to meet changing accounting, risk, compliance, regulatory, market, and business needs, as well as enables customers to automate finance and risk functions of their loan portfolio from data capture to back-en...
8401 Greensboro Drive
McLean, VA 22102
Founded in 2004
Key Executives for Primatics Financial LLC
Co-Founder and Executive Vice President of Products
Co-Founder and Executive Vice President
Co-Founder and Executive Vice President of Client Services
Compensation as of Fiscal Year 2017.
Primatics Financial LLC Key Developments
East West Bancorp Signs Multi-Year Agreement with Primatics Financial
Sep 19 16
SS&C Technologies Holdings, Inc. has announced that East West Bancorp (East West) has signed a multi-year agreement with Primatics Financial to prepare the firm for the recently released Current Expected Credit Loss (CECL) requirements. Multiple vendors were considered throughout the rigorous selection process; SS&C Primatics was selected because the EVOLV® solution met the bank's current and future reserving needs. SS&C Primatics will assist East West in implementing EVOLV, its leading cloud-based integrated risk and finance solution, to provide end-to-end reserving and credit processing of the bank's loan portfolio. The final CECL guidance was issued by the Financial Accounting Standards Board (FASB) on June 16, 2016, and requires public SEC filing (calendar year) institutions to implement the standard by the beginning of 2020. CECL replaces several impairment accounting models with a single expected credit loss model, requiring financial institutions to overhaul their current reserving process for financial instruments measured at amortized cost. SS&C Primatics' integrated platform will be supporting East West's Allowance for Loan and Lease Losses (ALLL) process under current US GAAP while also preparing East West for transition to CECL by 2020. When preparing for CECL, financial institutions will benefit from automated processes and reporting mechanisms. EVOLV will support East West in their transition to CECL by combining historical credit loss data with forecasts to generate forward-looking reserves in a secure environment. EVOLV's comprehensive solution consists of platform architecture and advanced support for end-to-end risk and finance processes, from data to functions to analytics, all integrated on one enterprise platform. EVOLV is the only solution that integrates risk and finance capabilities with the flexibility to manage new accounting standards such as CECL, quickly and easily.
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