New customer - FERNBACH implements its IFRS solution in Africa together with KPMG

10.02.2016

In Central Africa, one of ten subsidiaries of a banking conglomerate has kicked off its uptake of IFRS via an agreement with FERNBACH that will upgrade its current corporate reporting standards, ensuring consistent, timely and accurate submission of reports ahead of its competitors.

About the bank

As a domestic leader in several African markets, the bank provides strong brands in the field of corporate banking and investment banking as well as specialised financial services and insurance.

About the project

By choosing FERNBACH´s future-proof IFRS 9 platform, the bank set another milestone for its ambitious project called ‘Excellence 2020’, aiming to build an African banking group serving the world. ‘Excellence 2020’ opens perspectives, sets new challenges and will allow the bank to maintain their course towards excellence.

The contract covers a burgeoning portfolio of regional deals, including the implementation of FERNBACH’s FlexFinance IFRS solution. FERNBACH will work alongside KPMG who is in charge of all IFRS-relevant consulting services in relation to the workflows and additionally the development of the customer’s ETL, ensuring user-friendly functionality within its stand-alone IFRS platform.

With the implementation of FERNBACH´s automated IFRS platform, the bank will comply with the Central Bank´s decision to introduce IFRS as a mandatory reporting requirement for the financial market not later than January 2017. The Central Bank´s decision further supports measures to regain the trust of international investors in the financial market of Africa´s biggest copper producer. The Government and the Central Bank are working hand in hand to rebuild investors’ and consumers’ trust.