fintech

Fintech has launched an automated solution for the IFRS9 reporting standards in Africa. This will assist banks and other financial institutions in the region to efficiently manage their compliance to IFRS9 regulations. The IFRS9 solution has been successfully implemented in Europe, Asia and a few African Countries.

 

The FlexFinance IFRS solution has been launched in partnership with FERNBACH of Luxembourg that provides this comprehensive all-round IFRS solution. The IFRS solution addresses the entire spectrum of IFRS9 requirements and subsequent generation of the Financial Statements in IFRS9 format and requisite automatic generation of accounting entries for provisioning transactions on account of impairment categorization.

 

FERNBACH is a leading provider of the software product range FlexFinance® for banks and the financial services industry. Fernbach provides an integrated portfolio of financial system applications and services tailored to meet each client’s unique and evolving needs.

 

Fintech is the local representative that will provide systems integration and consultancy around FERNBACH’s FlexFinance IFRS solution. The combination of FERNBACH’s specialist technology and Fintech’s domain expertise in financial services will help financial institutions across Africa accelerate adoption of compliance change requirements.

 

In recent years, Africa has shown its commitment to gradually align local with the international accounting & financial reporting standards (IAS/IFRS). Financial institutions are facing huge challenges in adopting the new IFRS standards. The solution launched in the Africa region comes as a relief to assist the local industry meet its obligations as far as compliance to IFRS9 standards is concerned.

 

The IFRS9 solution handles valuation of financial instruments, calculation of impairment and hedge management; consolidation with multi-currency capability. Furthermore, individual components such as ‘Impairment’ and ‘Hedging’ are available. The accounting procedure will comply with legal requirements and will reflect the economic situation in accordance with IFRS.

 

The IFRS9 solution is a comprehensive, web-based and integrated solution for the calculation and accounting procedure for risk provisions. It provides everything you need for your Probability of Default, Loss Given Default, Exposure At Default, Expected Credit Losses, risk provisioning, impairment stages 1, 2 and 3 including scenarios.  Its capabilities conveniently handle the cash flow plan generation, Categorization, Impairment, hedging, and Financial accounting. It contains a results layer data mart that provides for easy regulatory disclosures and reporting as well as for accounting and economic analysis. It can integrate into most modern core banking systems and other third party bank applications for automated inter-exchange of data.