KT FDS as reseller for FlexFinance® supports expansion of FERNBACH in the Korean market
FERNBACH has to set up a Competence Center in South Korea
Seoul & Luxembourg, 19 November 2008 – The Korean company KT FDS and FERNBACH, a provider of award-winning solutions for IFRS, are delighted to announce a strong alliance in South Korea. The basis of the partnership is formed by KT FDS being the reseller of FlexFinance® products for Korean banks, which desire to acquire the leading IFRS Accounting Generator by FERNBACH.
KT FDS is a reliable enterprise providing comprehensive solutions for financial information systems, financial consulting, and providing solutions for management and operations. At present, it provides a full-range of services including developing advanced IT technology for operations and maintenance in order to fulfil the various needs of its clientele.
The role of KT FDS will be extended to the localisation of product, maintenance and customer support level 1 and will also propose some outsourcing programs for long-term maintenance of FlexFinance®.
Arnaud Picut, Managing Director APAC at FERNBACH, said, ‘For FERNBACH, this is an important step to properly address the Korean market. FERNBACH desires to offer various opportunities for the maintenance and support of its IFRS solution. Localisation is key, and KT FDS is our backbone to locally support our activity. Furthermore, we will take benefit of KT FDS’s strong expertise on IT infrastructure, which is required to support IFRS process of several million transactions every day.’
The standards-compliant FERNBACH solution FlexFinance® IFRS for double-entry bookkeeping will provide Korean banks with an accurate state-of-the-art accounting system which adheres to IFRS while decreasing processing times. By maximising the transparency of the audit trail and taking advantage of the pre-defined templates provided by FERNBACH, Korean banks will significantly reduce both project risks and costs.
For KT FDS, it is an excellent opportunity to leverage its growing presence within the Korean financial sector, which is underlined by Mr Hoon Chae, Director Financial Division, KT FDS, ‘KT FDS has clearly defined IFRS as its main priorities for the next three years. We have decided to invest in IFRS domain by building a pool of resources capable to support FlexFinance®. FlexFinance® appears to us as the most comprehensive solution to cope with this complex project. Clearly our main domains of expertise are the sizing and implementation of reliable and strong IT architecture capable to support a financial software like FlexFinance®. Convinced that being local is essential, we have started the translation of several key documentations and website to help the Korean bankers to better understand the package. FlexFinance® has already been installed within our data centre, we are ready to start.’
An additional goal of FERNBACH will be the construction of an IFRS Competence Center in South Korea, where potential customers become acquainted with FlexFinance® IFRS in a showroom. The IFRS solution from FERNBACH will be installed on the computers in the Competence Centre, thus simulating ‘real’ banking applications in both the front and back offices. This will help Korean banks to migrate their existing accounting towards IFRS.
About KT FDS
KT FDS has rapidly grown since its foundation in 1990 and has an impressive team of approximately 300 employees. In addition, the experience and technical knowledge KT FDS has accumulated as a financial SI enterprise to date, substantiates its standing as a reliable enterprise providing comprehensive solutions for financial information systems, financial consulting, and providing solutions for management and operations.
At present, the company, which is located in Seoul, provides a full-range of services including developing advanced IT technology for operations and maintenance in order to fulfil the various needs of its clientele. It operates active SI/SM marketing and consulting solutions for clients while putting forth continuous efforts to maintain a smooth and efficient operating system for Korea First Bank's SM business and nurturing specialised talents.
About FERNBACH
FERNBACH is a global leader of analytical solutions for the finance industry. Modular software bundles for Multi-GAAP accounting, risk, compliance and loan enable our customers to optimise business processes.
FERNBACH offers a sophisticated component-based solution portfolio which ensures faster time to market and rapid implementation of banking requirements thus mitigating risk and ensuring quality.
Our customers worldwide benefit from our combined expertise to overcome challenges and to provide solutions for future success. FERNBACH innovates to maximise the performance of our clients.
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