New solution ensures regulatory compliance, reduces the processing times for accounting procedures and enhances the reliability of financial statements
FERNBACH Software GmbH is pleased to announce the successful implementation of the IFRS project at Romania’s BANK OF THE YEAR 2010, a subsidiary of Groupe Société Générale in Bucharest.
BANK OF THE YEAR 2010 selected FERNBACH’s FlexFinance IFRS product because of its approved track of successful installations and its accredited compliance with IFRS standards. With particular focus on the accuracy and IFRS-compliant computation of valuation results FlexFinance IFRS copes with one of the biggest retail portfolios in Eastern Europe.
The timeline of the project was of utmost importance as banks in Romania had to comply with the new regulations (Order No. 9), starting with the financial year 2012. The project started in July 2011 and finished at the beginning of January 2012. The short duration of only six months can be attributed to the IFRS BRIGHT approach, FERNBACH’s unique implementation methodology. This approach ensures the delivery of the Turnkey IFRS solution which is based on the experience gained by FERNBACH in numerous successful implementation projects worldwide. It is important to note that the BRIGHT implementation approach makes optimal use of the technical and also of the functional scalability of the FlexFinance solution.
“With BANK OF THE YEAR 2010 we have extended our CEE customer base with one of the top Romanian banks”, said Günther Fernbach, CEO of FERNBACH. “Our proven products, installed for over 50.000 users in major banks all over the world, will support BANK OF THE YEAR 2010 in facing current and future requirements. The solution which has been implemented at BANK OF THE YEAR 2010 is part of the FlexFinance product family which entails the experience of more than 25 years providing software for the banking sector. This future proof solution covers the entire process chain for financial accounting and risk. Today we are proud that together with BANK OF THE YEAR 2010 we could once again underpin our position as the leading provider of successful IFRS projects.”