Neoflex automated requirements of IFRS 9 for FINCA Impact Finance

On November 21, 2018 the Neoflex company and the international microfinance institution FINCA Impact Finance consisting for November, 2018 of 20 organizations and banks in Eurasia, Africa and Latin America reported about completed the project on automation of accounting according to international standards of the reporting of IFRS 9. The project is executed based on the Finastra Fusion Risk system allows to optimize credit operations in full accordance with requirements of IFRS 9. As a result of FINCA Impact Finance had opportunities for operational consolidation of data, calculation of reserves and report generation on all group. The technology partner on project implementation selected Neoflex company.

To us the solution which would allow us to conform to regulatory requirements and also to manage efficiency and the profit of our business on crediting worldwide was required. Fusion Risk implemented by our command collected from specialists financial and IT departments eliminates the difficulties connected with compliance to regulatory requirements using such approach to the organization of process of management of data for 20 FINCA Impact Finance subsidiary companies. Roman Hingorani, vice president and chief financial officer of FINCA Impact Finance

Project implementation took six months. Specialists of Neoflex carried out work on inspection of business processes of the customer, prepared requirements to future system, successfully there passed all stages of its integration into the existing IT landscape and also a test stage.

The main complexity of the project consisted as in the large volume of the data used in calculations and in need to provide reliable integration of all users.

Formation of financial statements can become complicated due to need of side-by-side execution of regular operational tasks and restrictions for resources which are located by the company. The Fusion Risk system gives the chance to simplify these processes due to consolidation of data in a unified environment. It allows to save time, means and to provide compliance to standards. Besides, the Fusion Risk system is easily scalable and is developed taking into account evolution of the market and requirements to the reporting. to Arnaud Pic, director of global financial risk management of Finastra

In results of the executed project the customer had an opportunity to automate calculation of reserves for all group of branches: from aggregation necessary dismissed and carrying out before preparation of the reporting conforming to international standards. And for November, 2018 the number of the contracts calculated using Fusion Risk exceeded one million.