Credit Europe Bank moves to IFRS with Fernbach
22 May 2007 | 926 views | 0
FERNBACH, a leading provider of solutions for IFRS accounting and Enterprise-wide Value & Risk Management, has been chosen by Credit Europe Bank (CEB) to provide a low risk, cost-efficient upgrade to full IFRS compliance.
The solution, FERNBACH's FlexFinance IFRS, has a native connector to the Globus banking system provided by TEMENOS. This allows financial institutions that have deployed the TEMENOS solution to move to full IFRS compliance while protecting existing data structures and back-office technologies.
CEB (previously Finansbank (Holland) N.V.) has several core business areas including service for consumer loans, savings and investments for retail customers in the Netherlands, Belgium and Germany; and trade as well as project financing throughout Europe and across the globe for corporate clients. The bank also has a global reach, working with financial institutions worldwide to form an international network and liaise with global intermediaries giving their portfolio a competitive edge.
CEB will implement FlexFinance IFRS as part of a new IT infrastructure based on the bank's existing Globus core banking from TEMENOS. While protecting existing investment and ensuring minimal changes to the installed back office system, FlexFinance IFRS will provide IFRS-compliant capture, valuation and posting for preparing monthly and annual financial statements, as well as centralising financial book-keeping based on debit/credit IFRS values.
The FERNBACH solution will easily interface with CEB's existing back-office system, ensuring real time connection using extract, transform and load (ETL) and a unification of the data set for analysing and reporting issues. FlexFinance IFRS also ensures compliance of the valuation on product splits and cash flow plans and can be leveraged to support ALM and liquidity requirements of the bank.
FlexFinance IFRS has a native connector with TEMENOS T24 which allows automatic extraction of all relevant information that needs processing and booking. This means that the costly and risky data extraction process is dramatically reduced and ready to run, cutting the total implementation cost and duration by more than 50 percent.
Filiz Derecik, Manager PR & Marketing at CEB, "FlexFinance® IFRS has proven to be the best solution to ensure full IFRS compliance for CEB. The depth and breadth of functionality offered by FERNBACH is second to none, this combined with the cost-benefits of a solution that can easily be implemented were key factors in our decision to select FERNBACH."
Arnaud Picut, Managing Director for International Markets at FERNBACH said, "CEB joins a growing list of leading banks that have selected FERNBACH as the IFRS upgrade to their existing TEMENOS systems. We are also delighted that CEB represents a breakthrough into the Dutch market for FERNBACH and proves that our international strategy of expansion is gaining more and more success."