August 27, 2008

Fernbach Partners With IBM GCG to Bring IFRS Software to Banks in China

Fernbach, a provider of financial software, has entered into a partnership with IBM China, to introduce Fernbach's FlexFinance IFRS software for banks to China.

Under the new partnership, IBM GCG will localize FlexFinance IFRS for the Chinese market, resell it to banks in China and provide maintenance and first-line support.

According to Fernbach, FlexFinance IFRS is a standard-compliant solution for double-entry bookkeeping which enables banks to implement accounting processes that are compliant with International Financial Reporting Standards (IFRS). The software is based on a centralized data management suite, which ensures that all ratios and reports can be traced to the underlying transactions, and enables different reporting and compliance requirements to be satisfied using the same database. The FlexFinance software supports IFRS-compliant accounting entries, hedge accounting and regulatory reporting, and is provided with standard templates that greatly accelerate implementation.

Boon Tan, partner and leader of financial services sector for global business services at IBM, said: "IFRS is a top priority for IBM China over the next three years and FlexFinance IFRS from Fernbach is the most comprehensive solution for the complex compliance project banks are facing."

Arnaud Picut, director for Asia Pacific region of Fernbach-Software, said: "This is an important partnership for Fernbach. We understand the importance of localization and local support, and IBM is in the ideal position to provide both. The IFRS project requires a double competency: both accounting and IT. IBM has proven expertise of implementing accounting systems and setting-up robust and reliable IT architectures. IBM's in-depth expertise about IT infrastructure will be vital for supporting IFRS processes that govern several million transactions a day."