FINWIRE®

Mizuho opts for FlexFinance to meet IFRS, Basel II and CSSF requirements

August 14th, 2007

Mizuho Trust and Banking (Luxembourg) S.A. announced to have chosen FlexFinance® solution from FERNBACH, a provider of solutions for Enterprise-wide Value and Risk Management (EVRM), to meet IFRS, Basel II and CSSF reporting compliance requirements.

FERNBACH’s FlexFinance® IFRS compliant double-entry book-keeping accounting solution will enable the bank to have an “accurate and state-of-the-art” IFRS accounting and will streamline the entire accounting processes by reducing processing time for all banking products.

By maximising the transparency of the audit trail and taking advantage of the pre-defined templates provided by FERNBACH, MHTBL will significantly reduce both project risks and costs.

MHTBL will also take advantage of the FlexFinance® Basel II functionalities that offer a straightforward and rapid solution for banks within Europe to meet Basel II requirements. Since this software also offers templates, the automatic import of data is not time-consuming any more.

The ultimate motivation behind the implementation of the FlexFinance® Basel II solution was the synergy benefits of data quality and data processing.

As all Luxembourg based banks, MHTBL will have to provide those reports and has opted for FERNBACH and its solution FlexFinance® CSSF Reporting, which standardises and simplifies the financial data exchange in a short period of time and in a fully automated process flow.

Christophe Coutelet, Head of Information Technology Department, Mizuho Trust and Banking (Luxembourg) S.A., said: “We wanted to deploy a central financial repository and modernise our whole system landscape while being able to fulfil reporting according to CSSF. “

“We therefore picked a provider offering state-of-the-art technology while presenting a fully-automated risk, accounting and reporting solution. We were extremely impressed by the quality and the breath of functionalities included as standard in the solution provided by FERNBACH.”

By the beginning of 2008 banks in the European Union will have to adapt their software to the standards COREP (Common REPorting) and FINREP (FINancial REPorting), also laid down in the new Luxembourg regulatory reporting.

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