openPR Logo
Press release

FERNBACH partners with IBM GCG to bring leading IFRS software to banks in China

08-26-2008 02:07 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: FERNBACH

London & Hong Kong, 26 August 2008 – FERNBACH, a leading provider of solutions for IFRS accounting and Enterprise-wide Value and Risk Management, has entered into a partnership with IBM China. Together, FERNBACH and IBM China will introduce FERNBACH’s FlexFinance® IFRS software for banks to China.

FERNBACH’s FlexFinance® IFRS is a standard-compliant solution for double-entry bookkeeping which enables banks to implement state-of-the-art accounting processes that are compliant with IFRS. The software is based on a centralised Data Management Suite, which ensures that all ratios and reports can be traced to the underlying transactions, and enables different reporting and compliance requirements to be satisfied using the same database. The FlexFinance® software supports IFRS-compliant accounting entries, hedge accounting and regulatory reporting, and is provided with standard templates that greatly accelerate implementation.

Under the new partnership, IBM GCG will localise FlexFinance® IFRS for the Chinese market, resell it to banks in China and provide maintenance and first-line support.

Boon Hien Tan, Partner & Leader of Financial Services Sector, IBM Global Business Services, GCG, said: “IFRS is a top priority for IBM China over the next three years and FlexFinance® IFRS from FERNBACH is the most comprehensive solution for the complex compliance project banks are facing. We have already established a local team dedicated to supporting FlexFinance® IFRS, and have begun translating the documentation for Chinese banks. FlexFinance® IFRS is already installed in our data centre, so we are ready to provide consulting and implementation service for Banking client in China. In the last two years, we have had extensive experience in general ledger projects for Chinese banks, and together with FERNBACH, we have an opportunity to enter the complementary domain of IFRS. With a stable financial accounting architecture built on FERNBACH software, Chinese banks will be able to easily comply not just with IFRS but also with any new regulations introduced in future.”

Arnaud Picut, Director of Asia/Pacific region at FERNBACH-Software, said: “This is an important partnership for FERNBACH. We understand the importance of localisation and local support, and IBM is in the ideal position to provide both. The IFRS project requires a double competency: both accounting and IT. IBM has proven expertise of implementing accounting systems and setting-up robust and reliable IT architectures. IBM’s in-depth expertise about IT infrastructure will be vital for supporting IFRS processes that govern several million transactions a day. This is the latest stage of our regional growth plans, which have seen FERNBACH investing heavily in China. In January, we set up an office in Hong Kong, hiring local IFRS experts, and we will be establishing an IFRS Excellence Centre in China to help Chinese banks to migrate to IFRS.”

For more details please contact:

FERNBACH-Software S.A.
Emma Connolly (Director of Group Marketing)
1a, Parc d'activité Syrdall
5365 Munsbach
LUXEMBOURG

Tel.: + 352 402244-1
Fax: + 352 402244-310

About FERNBACH:

FERNBACH is a global leader in the provision of comprehensive solutions for the finance industry. Modular service bundles for Multi-GAAP accounting, risk, compliance and loan enable our customers to optimise business processes.

FERNBACH offers a sophisticated component-based solution portfolio which ensures data consistency independent of actual business processes and can calculate complex financial ratios. The FlexFinance® Suite is transparent and fully auditable down to the individual business transaction level.

FERNBACH is committed to providing innovation as well as increasing performance. Our customers worldwide benefit from our combined expertise to overcome challenges and to provide solutions for future success.

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 partners with IBM GCG to bring leading IFRS software to banks in China here

News-ID: 51915 • Views: 1074

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
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
Cooperation Between FERNBACH-Software and BIAN Bears Fruit
Luxembourg & Frankfurt, 22 June 2010 – Since international software provider FERNBACH-Software joined the independent industrial association BIAN (Banking Industry Architecture Network) in 2008, their work has come a long way. FERNBACH is not only the Chairman of the Lending working group but has also worked with SAP and other working group members to prepare the first set of deliverables. Together, FERNBACH and BIAN aim to simplify implementation of SOA

All 5 Releases


More Releases for IFRS

URALCHEM HOLDING P.L.C. Reports IFRS Financial Results for the First Quarter of …
Moscow, Russia – May 31, 2012 -- (For Immediate Release) - Revenue increased to US $673 million, compared to US $566 million in Q1 2011. - Operating profit increased to US $178 million, compared with US $160 million in Q1 2011. - Adjusted EBITDA grew to US $207 million, compared to US $186 million in Q1 2011. - Net profit amounted to US $354 million, compared with US $174 million in Q1 2011. URALCHEM HOLDING
CCH India releases “A Quick Reference to Ind AS converged with IFRS”
New Delhi, Oct 13, 2011 – With India deciding to converge with IFRS and not adopt IFRS, Ind-AS is certainly the way forward for Indian Companies. In simple terms, Convergence with IFRS means that India would not be applying the IFRS as issued by the international body but would try to get its own accounting standards in sync with the International Financial Reporting Standards. Keeping this in mind CCH India
FlexFinance IFRS live after a three-month project implementation period
Luxembourg, 01 March 2011 – One year ahead of the Central Bank’s schedule, Access Bank plc. accessbankplc.com, 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
Rhapsody launches IFRS Certificate Programme – An Overview
January 25, 2011 – Rhapsody Services initially is organising Road shows/ Free Seminars in Kolkata and Delhi to discuss some of the matters mentioned in the preceding slides and to enumerate the next steps forward on obtaining the necessary training skills on IFRS and its practical exposure. These seminars are a pre-cursor to the various training programme’s that Rhapsody Services has in its portfolio to offer to suit varied
GE Money Bank chooses FERNBACH for IFRS, US GAAP and Czech GAAP parallel account …
Prague & Luxembourg, 14 January 2009 – FERNBACH, a leading international provider of solutions for IFRS compliance, multi-GAAP accounting and ICAAP has been chosen by GE Money Bank Czech Republic to automate its accounting according to three parallel standards: IFRS, US GAAP and Czech GAAP. The agreement covers these accounting requirements for GE’s five financial institutions in the Czech Republic. The preconfigured FERNBACH solution, FlexFinance® Accounting for parallel accounting, will provide GE
Credit Europe Bank selects FERNBACH for IFRS compliance
Luxembourg, 22 May 2007 – FERNBACH, a leading provider of solutions for IFRS accounting and Enterprise-wide Value & Risk Management, has been chosen by Credit Europe Bank (CEB) to provide a low risk, cost-efficient upgrade to full IFRS compliance. The solution, FERNBACH’s FlexFinance® IFRS, has a native connector to the Globus banking system provided by TEMENOS. This allows financial institutions that have deployed the TEMENOS solution to move to full