Diasoft and Ural FD Bank signed a contract for the implementation of Flextera Accounting Engine - an innovative solution specially designed for transforming product accounting data into financial accounting to ensure compliance with national accounting standards.
Ural FD Bank uses diverse back office solutions from different local and international vendors for its operational accounting. To support its financial accounting, the bank needed a multi-functional solution capable to ensure compliance with Russian accounting standards and to considerably reduce time-to-market for its new financial products. The innovative Diasoft solution - FLEXTERA Accounting Engine - fully meets these requirements.
FLEXTERA Accounting Engine is a high-end solution, which transforms operational accounting data into financial accounting information in accordance with the Russian GAAP, generates accounting postings basing on the product back office events. The solution is smoothly integrated with accounting systems of different vendors by means of business messages. This allows the bank to use international product systems and support Russian GAAP and regulatory peculiarities without costly and resource consuming customization of such systems. Moreover, FLEXTERA Accounting Engine ensures the support of new regulatory requirements without interfering with bank operational business processes, which is especially important in terms of frequently changing Russian accounting regulations.
"Ural FD Bank and Diasoft have been collaborating for more than 15 years, and our choice of the technological partner for supporting financial accounting in compliance with the Russian GAAP was not done by chance - we have completed quite a number of successful projects during our long-term collaboration. FLEXTERA Accounting Engine - a new Diasoft solution - fully meets our requirements to the system performance and scalability. We hope that the solution will go live just in few months and ensure stable support of the Russian GAAP", - said Tatiana Kuznetsova, Head of IT, Ural FD Bank.