The short project duration was based on FERNBACHâs 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 bankâs core banking system, Oracleâs FLEXCUBE. As FERNBACHâs 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 Bankâs instrument portfolio where already covered by FlexFinanceÂ® 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 FlexFinanceÂ® 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.
âWe are very pleased that we could fulfil our customersâ expectations regarding on-schedule delivery deadlines,â commented GÃ¼nther Fernbach, CEO of FERNBACH, âDelays 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.â