This customer is a major bank in the Central African Economic and Monetary Community (CEMAC) which intends expanding its business activities. Since accounting procedure was based on local accounting regulations, the most limiting factor to date proved to be the provision of capital from international investors. In addition, the figures for capital requirements were determined by tools based on Excel.
The decision in favour of FERNBACH was mainly influenced by the following factors:
Implementation of IFRS accounting standards and Basel 2 regulations to determine capital requirements
The bank’s objective was the implementation of a fully automated, international accounting system and an integrated tool to determine international minimum capital adequacy requirements in accordance with the Basel regulations.