FinArch, international market leader in integrated risk and finance solutions for the financial services industry, announced today that PT Bank QNB Kesawan Tbk selected FinArch’s IFRS Accounting and General Ledger solution to comply with IFRS (PSAK 50/55). FinArch’s IFRS solution will be implemented together with the Anabatic Technologies' Central Bank Reporting Engine.
QNB Kesawan Bank, majority owned by Qatar National Bank, had a requirement to automate the complete IFRS (PSAK 50/55) accounting and reporting process. It selected FinArch’s IFRS solution in combination with the Central Bank Reporting System by Anabatic Technologies, FinArch’s local technology partner.
FinArch’s IFRS solution is a Microsoft-based end-to-end solution which caters for the IFRS calculations (including Effective Interest Rate, Amortized Cost, and impairment related calculations), and the generation of its accounting journal lines. QNB Kesawan Bank decided also to implement FinArch’s General Ledger as their central general ledger. FinArch’s versatile General Ledger supports multi-currency, multi-entity and multi-GAAP environments. The solution will aid the bank to perform in-depth analysis on accounts, products, customers, and business levels.
Anabatic’s CBRi solution provides the banks an efficient and user-friendly interface to prepare the various Bank Indonesia reporting. The package offered covers the six modules of Bank Indonesia reporting (i.e. LBU, LBBU, LHBU, SID, LLD, and LKPBU). Anabatic’s CBRi solution comes with flexible mapping, comprehensive audit trail, authorization at form level, comprehensive reference and conversion tables, comprehensive mapping of COA/Category on a multi-user & multi-branch platform.
Azhar Bin Abdul Wahab, Chief Financial Officer & Integration Director at QNB Kesawan Bank: “With FinArch’s solution, the foundation of an integrated finance and risk platform is laid. Thanks to the ease-of-use of the system, more accurate data, as well as the quick turnaround of calculations and reports, we will be able to focus further on growing our business.” He adds: “FinArch complements our latest accomplishments which include our full rebranding, relocation to new offices and the implementation of a new banking system.”
Handojo Sutjipto, President of Anabatic Technologies states: “We are honoured to be trusted by QNB Kesawan Bank, a very well established bank with almost a century of experience in the finance industry in Indonesia”. He adds: “We’re pleased that they have selected our own software licensed, CBRi, and have also appointed us to implement FinArch’s IFRS solution. As our joint track record proves, thanks to both Anabatic’s as well as FinArch’s solutions and expertise, QNB Kesawan Bank will now be able to prepare the regulatory reports for Bank Indonesia quicker and more efficiently.”
Chris Puype, Managing Director APAC, FinArch, says: “Indonesia is very important for FinArch: with QNB Kesawan now nearly all banks in Indonesia are deploying our IFRS solution.” Puype comments: “At the Finance and Risk Summit which we organised with Anabatic Technologies last month, we learnt that Indonesian banks are getting ready to tackle the next challenge: to manage their risk practices in an integrated manner and to optimise their capital allocation. Indonesian banks having our Finance solution already installed, will leverage these investments, and will enjoy quick wins with our risk and capital management solutions, such as Basel II/III, ALM, Liquidity Risk, and Economic Capital.”