KT FDS as reseller for FlexFinance® supports expansion of FERNBACH in the Korean market
KT FDS is a reliable enterprise providing comprehensive solutions for financial information systems, financial consulting, and providing solutions for management and operations. At present, it provides a full-range of services including developing advanced IT technology for operations and maintenance in order to fulfil the various needs of its clientele.
The role of KT FDS will be extended to the localisation of product, maintenance and customer support level 1 and will also propose some outsourcing programs for long-term maintenance of FlexFinance®.
Arnaud Picut, Managing Director APAC at FERNBACH, said, ‘For FERNBACH, this is an important step to properly address the Korean market. FERNBACH desires to offer various opportunities for the maintenance and support of its IFRS solution. Localisation is key, and KT FDS is our backbone to locally support our activity. Furthermore, we will take benefit of KT FDS’s strong expertise on IT infrastructure, which is required to support IFRS process of several million transactions every day.’
The standards-compliant FERNBACH solution FlexFinance® IFRS for double-entry bookkeeping will provide Korean banks with an accurate state-of-the-art accounting system which adheres to IFRS while decreasing processing times. By maximising the transparency of the audit trail and taking advantage of the pre-defined templates provided by FERNBACH, Korean banks will significantly reduce both project risks and costs.
For KT FDS, it is an excellent opportunity to leverage its growing presence within the Korean financial sector, which is underlined by Mr Hoon Chae, Director Financial Division, KT FDS, ‘KT FDS has clearly defined IFRS as its main priorities for the next three years. We have decided to invest in IFRS domain by building a pool of resources capable to support FlexFinance®. FlexFinance® appears to us as the most comprehensive solution to cope with this complex project. Clearly our main domains of expertise are the sizing and implementation of reliable and strong IT architecture capable to support a financial software like FlexFinance®. Convinced that being local is essential, we have started the translation of several key documentations and website to help the Korean bankers to better understand the package. FlexFinance® has already been installed within our data centre, we are ready to start.’
An additional goal of FERNBACH will be the construction of an IFRS Competence Center in South Korea, where potential customers become acquainted with FlexFinance® IFRS in a showroom. The IFRS solution from FERNBACH will be installed on the computers in the Competence Centre, thus simulating ‘real’ banking applications in both the front and back offices. This will help Korean banks to migrate their existing accounting towards IFRS.
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.
For more details please contact:
Emma Connolly (Director of Group Marketing)
1a, Parc d'activité Syrdall
Tel.: + 352 402244-1
Fax: + 352 402244-310
This release was published on openPR.
Permanent link to this press release:
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 KT FDS as reseller for FlexFinance® supports expansion of FERNBACH in the Korean market here
News-ID: 60043 • Views: 890
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
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
FERNBACH partners with IBM GCG to bring leading IFRS software to banks in China
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