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FlexFinance IFRS live after a three-month project implementation period

03-02-2011 12:52 PM CET | IT, New Media & Software

Press release from: FERNBACH Financial Software S.A.

FlexFinance IFRS live after a three-month project

Luxembourg, 01 March 2011 – One year ahead of the Central Bank’s schedule, Access Bank plc., FERNBACH’s first Nigerian customer, announced the successful completion of its FlexFinance IFRS implementation. In a record time of less than 3 months, the joint team of Access Bank, KPMG and FERNBACH implemented FlexFinance IFRS. By completing the project, Access Bank has enlisted Nigeria among the 120 global territories that have acquired capacity for compliance with the International Financial Reporting Standards.

The short project duration was based on FERNBACH’s standard software and the inbuilt IFRS best practice. The standard software did not require any modification and was nearly immediately able to import the deal portfolio primarily from the bank’s core banking system, Oracle’s FLEXCUBE. As FERNBACH’s best practice library was then rolled out for the valuation, accounting and reporting it turned out that no significant configuration change was needed. The specifics of Access Bank’s instrument portfolio where already covered by FlexFinance so that accountants and valuation specialists could concentrate on the IFRS application, the accounting policy and the assessment of the effects in their respective areas.

In Asia, one of the largest banks in Indonesia, also went live with FlexFinance after a project implementation period of five months.

In December 2010, 18 FERNBACH customers went live with a completely new installation or a major release.

“We are very pleased that we could fulfil our customers’ expectations regarding on-schedule delivery deadlines,” commented Günther Fernbach, CEO of FERNBACH, “Delays cost money and the initial cost benefits do not materialise if project deadlines are not adhered to. In 2010, we made a massive investment in a new implementation strategy entitled "BRIGHT". It is gratifying to see that this investment has paid off for our customers.”

FERNBACH is a global leader in developing analytical software solutions for banks. Our customers optimise their business processes with the software packages for parallel accounting, risk management, regulatory compliance and lending operations.

FERNBACH develops solutions from a modern component portfolio (SOA). Our customers benefit from shorter times to market, effective risk reduction and punctual regulatory compliance.

Our customers use our banking expertise to overcome continuous new challenges. Banks around the world optimise their value added with innovative solutions designed and developed by FERNBACH.

FERNBACH Financial Software S.A.
1a, rue Gabriel Lippmann
L-5365 Munsbach
Tel.: + 800 - 33 76 22 24

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