Boasting assets of approximately E87 billion, Essen Hyp is one of the leading mortgage banks in Germany, having the competitive advantage for both public- sector lending and mortgage lending.
Statutory requirements for European banks were introduced at the beginning of 2005, and account for the considerable changes that accounting practices have undergone over the last year. Binding all EU companies listed on the stock exchange, the international financial reporting standards (IFRS) initiative is gaining increasing acceptance a financial industry standard.
Essen Hyp required an effective solution that could streamline all financial processes and significantly shorten close times. FlexFinance, Fernbach’s award-winning solution, will fully automate the entire process eliminating tedious manual tasks and offering increased accuracy.
Using an internet browser integrated within FlexFinance IFRS, Essen Hyp will have instant and fully transparent access to the balance sheet and P&L accounts, while also being able to track the entire audit trail by utilizing the strength of the drill-down functionality. For individual reports FlexFinance IFRS offers a centralized DataMart containing consolidated IFRS data from the banks differing data sources which offers the possibility of highly flexible and in-depth analysis as required.
After evaluating the choices available on the market we choose Fernbach’s FlexFinance IFRS solution as this product works on the basis of deal-level parallel accounting and therefore offers a high degree of investment security when implementing IFRS, said Norbert Boddenberg, executive vice president and head of the accounting and taxes department of Essen Hyp.
FlexFinance IFRS is composed of a data management suite, calculation kernel, hedge manager and an accounting generator all of which facilitate fast and efficient processing. The combination of these IFRS-compliant components promises to deliver the smooth flow of work through accounting systems.
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