FERNBACH - KT FDS as reseller for FlexFinance® supports amplification of FERNBACH in the Korean market

Seoul & Luxembourg, 19 November 2008 – The Korean aggregation KT FDS and FERNBACH, a provider of award-winning solutions for IFRS, are captivated to advertise a able accord in South Korea. The base of the affiliation is formed by KT FDS accepting the reseller of FlexFinance® articles for Korean banks, which admiration to access the arch IFRS Accounting Generator by FERNBACH.

KT FDS is a reliable action accouterment absolute solutions for banking advice systems, banking consulting, and accouterment solutions for administration and operations. At present, it provides a full-range of casework including developing beat IT technology for operations and aliment in adjustment to fulfil the assorted needs of its clientele.

The role of KT FDS will be continued to the localisation of product, aliment and chump abutment akin 1 and will aswell adduce some outsourcing programs for abiding aliment of FlexFinance®.

Arnaud Picut, Managing Director APAC at FERNBACH, said, ‘For FERNBACH, this is an important footfall to appropriately abode the Korean market. FERNBACH desires to action assorted opportunities for the aliment and abutment of its IFRS solution. Localisation is key, and KT FDS is our adventuresomeness to locally abutment our activity. Furthermore, we will crop account of KT FDS’s able ability on IT infrastructure, which is appropriate to abutment IFRS action of several actor affairs every day.’

The standards-compliant FERNBACH band-aid FlexFinance® IFRS for double-entry accounting will accommodate Korean banks with an accurate advanced accounting arrangement which adheres to IFRS while abbreviating processing times. By maximising the accuracy of the analysis aisle and demography advantage of the pre-defined templates provided by FERNBACH, Korean banks will decidedly abate both activity risks and costs.

For KT FDS, it is an accomplished befalling to advantage its growing attendance aural the Korean banking sector, which is accent by Mr Hoon Chae, Director Financial Division, KT FDS, ‘KT FDS has acutely authentic IFRS as its capital priorities for the next three years. We accept absitively to advance in IFRS area by architecture a basin of assets able to abutment FlexFinance®. FlexFinance® appears to us as the a lot of absolute band-aid to cope with this circuitous project. Clearly our capital domains of ability are the allocation and accomplishing of reliable and able IT architectonics able to abutment a banking software like FlexFinance®. Convinced that accepting bounded is essential, we accept started the adaptation of several key documentations and website to advice the Korean bankers to bigger accept the package. FlexFinance® has already been installed aural our abstracts centre, we are accessible to start.’

An added ambition of FERNBACH will be the architecture of an IFRS Competence Center in South Korea, area abeyant barter become acquainted with FlexFinance® IFRS in a showroom. The IFRS band-aid from FERNBACH will be installed on the computers in the Competence Centre, appropriately assuming ‘real’ cyberbanking applications in both the foreground and aback offices. This will advice Korean banks to drift their absolute accounting appear IFRS.

About FERNBACH:

FERNBACH is a all-around baton in the accouterment of absolute solutions for the accounts industry. Modular account bundles for Multi-GAAP accounting, risk, acquiescence and accommodation accredit our barter to optimise business processes.

FERNBACH offers a adult component-based band-aid portfolio which ensures abstracts bendability absolute of absolute business processes and can account circuitous banking ratios. The FlexFinance® Suite is cellophane and absolutely auditable down to the alone business transaction level.

FERNBACH is committed to accouterment addition as able-bodied as accretion performance. Our barter common account from our accumulated ability to affected challenges and to accommodate solutions for approaching success.

www.fernbach.com

For added data amuse contact:

FERNBACH-Software S.A.
Emma Connolly (Director of Group Marketing)
1a, Parc d'activité Syrdall
L-5365 Munsbach
LUXEMBOURG

Tel.: + 352 402244-1
Fax: + 352 402244-310