openPR Logo
Press release

FERNBACH-Software extends its international presence through strategic alliance for Russia and Eastern Europe

07-06-2007 01:59 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: FERNBACH

Luxembourg & Moscow 6 July 2007 - FERNBACH, a leading supplier of Enterprise-wide Value and Risk Management (EVRM), has entered into a partnership agreement with the Russian company IBS (Information Business Systems). This partnership is designed to capitalise upon IBS’ leading position in the Russian and Eastern European market while leveraging FERNBACH’s product offering, FlexFinance®, to support financial institutions in Russia, Byelorussia, Azerbaijan, Kazakhstan and the Ukraine. The contract includes the promotion and introduction of all FERNBACH products – including software for IFRS, ALM, Controlling and Liquidity – through IBS, supplying banks with robust and accurate solutions covering their needs for accurate risk, reporting and data management.

Founded in 1992, IBS has grown to be one of the most efficient and dynamic consulting and information technology companies in Russia. It is part of the IBS Group, a Moscow-based enterprise with more than 5,000 employees. An expert team of twelve specialists in banking software will distribute the FERNBACH solutions in the Russian language to banks. As FERNBACH supplies its industry know-how and IBS its knowledge of the local market, this partnership is excellently positioned to offer local and internationally based banks total solutions for Enterprise-wide Value and Risk Management.

“It is important for Russian banks to use state-of-the-art software which can be implemented and used in an easy way by all users integrated in the financial process. Risk Management is a common international practice at banks and reflected in the corresponding standards. Since Russian banks want to adapt to the European standards by introducing sophisticated systems, international know-how is indispensable. Therefore IBS decided to enter into a partnership-agreement with FERNBACH,” said Alexej Gurewich, Director of the Department on Work with Banks, IBS.

The Luxembourg-based company FERNBACH has more than 20 years of experience in developing software for financial institutions internationally. Therefore IBS has decided to supply the FERNBACH FlexFinance® EVRM Suite within five countries in Eastern Europe. The set of solutions is created on the basis of a single platform data warehouse. This so-called Data Management Suite (DMS) represents a “single version of the truth”, which ensures a link between risk, financial and economic data that can quickly and easily be used by all financial departments for all FERNBACH FlexFinance® solutions.

Arnaud Picut, Director of International Sales at FERNBACH, said, “The DMS lays the best groundwork for linking all FlexFinance® solutions in a bank. Since IBS provides all FERNBACH products, potential customers are able to buy software packages which seamlessly integrate with each other. IBS is also aimed at growth – of profitability, competitiveness and value of its business, and in offering its clients the best risk and value management solutions possible – therefore it is in our interest to grow with IBS.”

As a result of the partnership with IBS, Russian banks have the opportunity to use FERNBACH’s technologies and solutions, causing them to be competitive on an international level. The fact that FERNBACH has more than 50 successful introductions of its products – also at world’s leading banks – underlines the quality of its solutions. Clients of the company include Zürcher Kantonalbank, Commerzbank, HSBC, UBS, Deutsche Bank and ICBC (Asia).

Alexej Gurewich added, “We think that now is the best time for forming an alliance with FERNBACH. The Russian market is conditioned by heavy regulatory requirements, a move to the International Financial Reporting Standards (IFRS) and the potential recommendation of Basel II in 2008/2009. All these aspects stimulate the interest of Russian banks to introduce specialised solutions. Thus we predict a significant growth of this market and we are sure of taking a leadership position together with FERNBACH.”

About FERNBACH

FERNBACH has developed a solution offering called FlexFinance® which is based upon a sophisticated methodology called EVRM. EVRM is a vision and a solution for the integration of risk management, risk and regulatory requirements, balance sheet reporting and controlling within financial institutions.

The EVRM methodology is built upon a meta level data repository which collects all data from the banking and trading books and stores this centrally while simultaneously standardising and enriching the data. This centralised meta repository of financial transactions guarantees single calculation of all financial ratios ensuring perfect alignment and reconciliation so that the data can be used for purposes such as Basel II, IAS/IFRS (Multi-GAAP), Liquidity, Controlling, Regulatory Reporting, etc. The entire process is transparent and fully auditable as uniquely the data can be traced back to the deal level. This advanced approach also enables the bank to cost-effectively implement new requirements as they occur such as ECAP.

For further information please contact:

Emma Connolly
Director of Group Marketing
FERNBACH-Software S.A.

Tel.: + 352 / 40 22 44 405
Mob.: + 352 / 69 15 55 174

www.fernbach.com

This release was published on openPR.

Permanent link to this press release:

Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.

You can edit or delete your press release FERNBACH-Software extends its international presence through strategic alliance for Russia and Eastern Europe here

News-ID: 23620 • Views:

More Releases from FERNBACH

FERNBACH becomes a new SAP Services Partner
Frankfurt, 10 December 2014 – FERNBACH-Software, a leading international provider of lending and finance solutions, has joined the SAP PartnerEdge Programme as an SAP Services Partner of SAP Deutschland SE & Co. KG. SAP Services Partners support SAP customers in the development, implementation and integration of SAP solutions, optimise business processes and provide strategic consulting services. With this step FERNBACH intends enhancing their services portfolio by offering their products
CIMB Niaga selects FERNBACH’s FlexFinance software for PSAK 50/55 and IFRS 9
Singapore, 27 June 2013 – FERNBACH-Software, the leading worldwide provider of Finance & Risk Management Solutions, has announced today that they have been selected by CIMB Niaga to implement their solution FlexFinance®. CIMB Niaga, one of the largest banks in Indonesia, chose FERNBACH-Software through a comprehensive and competitive selection process. They will be implementing FERNBACH’s FlexFinance® Financial Risk Management solution to adhere to International Financial Reporting Standards (IFRS) and to
New SaaS model puts FERNBACH on expansion course
New SaaS model puts FERNBACH on expansion course
LUXEMBOURG, TANGERANG & ACCRA, 18 FEBRUARY 2013 – FERNBACH-Software, a leading international provider of financial software, has formed very strategic partnerships with PT Telkomsigma in Indonesia and Datacell Consult in Ghana. Both partners are providers of data centre solutions in their respective countries. As well as offering on-premise solutions, they implement the innovative SaaS model (software as a service) and will operate FERNBACH's software in their own computer centres. Their

More Releases for IBS

Integrated Bridge Systems Market Report 2018: Segmentation by Platform (Commerci …
Global Integrated Bridge Systems market research report provides company profile for Northrop Grumman Sperry Marine (U.K.), Raytheon Anschütz (Germany), Rolls Royce (U.K.), L-3 Communications Mapps Inc. (Canada), FURUNO Electric Shokai Ltd. (Japan) and Others. This market study includes data about consumer perspective, comprehensive analysis, statistics, market share, company performances (Stocks), historical analysis 2012 to 2017, market forecast 2018 to 2025 in terms of volume, revenue, YOY growth rate, and CAGR
IBS' solution to power China’s first Cruise Line
Trivandrum, 16 January 2013: Henna, the largest cruise ship in mainland China will run on IBS’ inventory and pricing management solution, Cruise Partner, when it makes its maiden journey on January 26, 2013. China based HNA Tourism Cruise and Yacht Management Company unveiled this cruise ship on November 28, 2012. Henna has 739 rooms for 1,965 passengers, as well as a complete range of facilities for living and entertainment. HNA
Vikash Sureka joins IBS as Chief Financial Officer
Trivandrum (India), 17 May 2012: IBS Software Services, the leading provider of new-generation IT solutions to the global aviation industry, has appointed Mr Vikash Sureka as its Chief Financial Officer. He will head the Finance, Legal, Company Affairs and Administration functions of IBS operations world-wide. A Chartered Accountant, Vikash has over 19 years of experience mostly in senior executive roles managing business globally with proven proficiency in Investor Relations, P&L
HaCon and IBS combine expertise in railway operation
Hanover (2010-07-06). Two Hanoverian companies now combine their expertise in questions of railway operations: With effect from 1 July 2010, the HaCon Ingenieurgesellschaft mbH, took over the engineering firm for railway operating systems (Ingenieurbüro für Bahnbetriebssysteme GmbH – IBS). This way HaCon expanded its services to include the areas operation simulation, vehicle and personnel planning and construction operations planning. This also includes consulting services concerning railway systems issues, such as travel
Raytheon Anschütz IBS for new Intership Bulkers
Raytheon Anschütz was recently awarded a contract to supply their Integrated Bridge System (IBS) to two new bulk carriers. The bulkers will be built at New Times Shipyard in Jingjiang, China. The delivery to the Cyprus based shipping company Intership Navigation Co. Ltd., a member of the German Hartmann Group, is scheduled for August and October 2011. The new bulkers, each with a capacity of 176,000 dwt, will be equipped
CoCoNet enhances MULTIVERSA IBS by OFTP access protocol
CoCoNet enhances the modern e-banking-platform MULTIVERSA IBS International Banking Server through an OFTP access channel (Odette File Transfer Protocol) for the data transmission between international banks and corporate customers. MULTIVERSA IBS is a modular and scalable platform for receiving and processing payment transaction data and delivering customer specific account information like account statements, intraday reports, returns and foreign exchange rate information. The initial situation at banks that now also offer