Velti and Fernbach team for Basel II, IFRS and ALM platform

Source: Fernbach-Software

Velti and FERNBACH-Software recently announced an agreement to provide financial institutions in Greece, Cyprus and Bulgaria with a best of breed software solution for Basel II compliance, IFRS compliance, and Asset/Liability Management.

FERNBACH-Software, a supplier of Enterprise-wide Value and Risk Management and Velti, a leading value-added services & software company have joined forces to offer financial institutions a comprehensive solution for a total-finance platform enabling the convergence of investor information as well as regulatory and economic management requirements.

Velti's unique approach combines its broad range of e-business expertise, client-centric collaboration and a focus on solutions, not just software. Velti upholds its breadth and quality of resources and a value-focused service proposition to ensure that the solutions it develops exceed the expectations of their clients. In order to achieve this, Velti offers professional services that cover the lifecycle of each solution. Combining the locally available resources and knowledge of Velti and the software excellence of FERNBACH, the joint offering enables banks to have a single and consistent financial management data platform. This single data source and centralized calculation layer represent a "single version of the truth", which is a key requirement in financial management and ensures a tangible link between risk, financial and economic data that can be easily reconciled, and used throughout financial organizations for IFRS, Basel II and ALM calculations.

"Together, Velti and FERNBACH offer a comprehensive solution that provides a straightforward method for implementing IFRS requirements today, whilst simultaneously preparing the right project steps for Basel II," said Menelaos Scouloudis, Director of Business Development of Velti, "FERNBACH's IFRS solution, which is already operational in numerous banks, including: Credit Agricole-Landbouwkrediet, NordLB, DekaBank, Deutsche Schiffsbank, ensures that the statutory requirements regarding accounting and reporting converge with internal accounting and risk management processes."

Günther Fernbach, CEO of FERNBACH-Software added, "Velti sales and profits have consistently grown year on year, we are extremely optimistic that their on-the-ground specialized knowledge and dedication to customer satisfaction will ensure growth for our combined go-to-market strategy."

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