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:
- Experience with international projects, particularly for finance and risk solutions
- Many years’ experience in implementing financial software solutions for African customers
- Headquarters in Luxembourg and therefore the additional advantage that implementation can be performed in French: consulting services and software language setting
- Ready-to-go approach with on-site and off-site support results in fast implementation
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.