One year ahead of the Central Bank's schedule, Access Bank, Fernbach's first Nigerian customer, announced the successful completion of its FlexFinance IFRS implementation.
In a record time of less than 3 months, the joint team of Access Bank, KPMG and FERNBACH implemented FlexFinance IFRS. By completing the project, Access Bank has enlisted Nigeria among the 120 global territories that have acquired capacity for compliance with the International Financial Reporting Standards.
The short project duration was based on FERNBACH's 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 bank's core banking system, Oracle's FLEXCUBE. As FERNBACH's 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 Bank's instrument portfolio where already covered by FlexFinance® 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 FlexFinance 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.
"We are very pleased that we could fulfil our customers' expectations regarding on-schedule delivery deadlines," commented Günther Fernbach, CEO of FERNBACH, "Delays 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."