Finastra announced today that FINCA Impact Finance, a global network of 20 community-based microfinance institutions and banks, has gone live with Fusion Risk to improve its short-term regulatory compliance and reporting in line with the International Financial Reporting Standard 9 (IFRS9).
Implemented in partnership with Neoflex, a leading Russian IT services company, Fusion Risk is also expected to optimize the bank’s day-to-day operations and make their lending business more efficient and profitable.
“We needed a solution that would allow us to comply with regulatory requirements and manage the efficiency and profitability of our lending business around the globe”, said Roman Hingorani, FINCA Impact Finance’s vice president & CFO. “Fusion Risk, which is being implemented by a diverse team that cuts across our Finance and Information Technology departments, eliminates the complexity around regulatory compliance by implementing single data management processes for FINCA Impact Finance’s 20 subsidiaries.”
Arnaud Picut, Global Head of Risk Practice at Finastra said, “The data generated by financial reporting can be quite complex, with resources that are often weighed down by day-to-day operations. Fusion Risk simplifies these processes by bringing data together in one environment. This results in time and money savings as well as keeping in line with regulations. Additionally, Fusion Risk is built on components that can be shared beyond the risk and compliance function, it is fully scalable, designed to evolve with changing markets and regulatory demands.”
Anton Sparinapti, Partner, Head of Business Development at Neoflex said, “Our strong relationship with Finastra and our experience in implementing complex information systems meant that we were able to develop a unique, effective partnership around Fusion Risk, that helps deliver projects, both in Russia and internationally. This results in successful projects with speedy delivery at a reasonable cost “.
FINCA Impact Finance is a global network of 20 microfinance institutions and banks that profitably and responsibly provides innovative and impactful financial services to enable low-income individuals and communities to invest in their futures. The company delivers a double bottom line of profitability and positive social impact.