Commerzbank to implement Fernbach FlexFinance IFRS package
FERNBACH-Software, a leading provider of IFRS compliance and Enterprise-wide Value and Risk Management systems, has been selected by one of Europe’s tier one banks, Commerzbank AG, to implement its award-winning FlexFinance® IFRS solution.
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Commerzbank chose FERNBACH’s FlexFinance® IFRS solution to streamline the group’s accounting process and to aid in the fulfilment of IFRS requirements, including hedge management, valuations, posting and reporting. FlexFinance® allows for a high degree of automation, effectively accelerating the closing. The FlexFinance® system will now be rolled out to the central accounting and tax division.
Günther Fernbach, founder and CEO of FERNBACH said, "This project with one of Europe’s leading financial institutions marks another milestone for FERNBACH, and further demonstrates our ability to provide leading, cutting-edge products."
Paul Rothenberger, FERNBACH’s managing director in Germany added, "We are delighted that Commerzbank has selected FERNBACH. Commerzbank views us as a long-term partner that will offer long term assistance through the ongoing challenge of IFRS changes."
Dr Thomas Gellrich, Project Manager Commerzbank said, "FERNBACH’s IFRS solution is an essential element in our IT architecture in order to streamline and to optimise our accounting processes."
FERNBACH’s FlexFinance® IFRS solution will enable Commerzbank AG to significantly reduce project costs due to FERNBACH’s proven IFRS-experience gained through many other extensive projects. The software is based on individual transactions with IFRS-compliant double-entry accounting for all banking products. FERNBACH supports this process based on raw deal data, which means its clients do not need to conduct any preparatory adaptation of the existing IT systems.
FERNBACH’s IFRS software is based on transaction-oriented, parallel accounting. All processes access the individual deals (or cash flows) and therefore ensure maximum transparency of the audit trail. The analysis of individual deal data also offers the possibility to provide the entire data set for comprehensive individual reports. Further advantage is given through predefined templates which reduce project costs.