OREANDA-NEWS. On May 25, 2007 IBS came to a partnership agreement with FERNBACH, a European developer of special program products for financial institutions. The agreement provides for exclusive rights of IBS to promote and deploy products of FERNBACH on the territory of the Russian Federation, reported the press-centre of IBS.

For 20 years Luxemburg company of FERNBACH has been specializing in software development for financial institutions. IBS will present a product line of FERNBACH for risk management and financial accounts on the Russian market. Offered complex of solutions was developed on the basis of data storage unified platform with Oracle RMDS Enterprise technological base. There are more than 50 successful deployments in the FERNBACH's portfolio. Such large banks as Credit Suisse, Commerzbank, HSBC, UBS, Deutsche Bank, ICBC (Asia) are among the company's customers.

As a result of partnership with FERNBACH, IBS has significantly enlarged its portfolio of offers for financial institutions due to the solutions in the area of risk management, financial and internal accounting. Russian financiers get an opportunity to use technologies and solutions of international level, the methodological and technological quality of which is confirmed by the results of their use by world leading banks.

"Russian banks would like to get the utmost informative reports, transparent and easy in use for all participants of financial process, including banks, supervision bodies, investors, customers, contractors. Such reporting is closely related with a deployment of risk management systems and it's a common international practice that is reflected in the appropriate standards. However, Russian banks just have to build such systems and international experience is indispensable in this case," Alexey Gurevich, Director of Department for Interaction with Banking Entities, IBS, comments the fact of agreement signing.

Among the most perspective products of FERNBACH offered by IBS, there is one unique packaged solution of Basel II Ready to GoTM which will allow the bank to deploy the standardized method of Basel II within a short terms and at relatively inconsiderable expenses. This solution can be a basis for further development and improvement of the bank's risk management system which necessity is also confirmed by Basel Bank Supervision Committee and Central Bank of the RF. The solution's architecture makes a provision for possibility of rapid functional growth in accordance with internal bank’s priorities and efficient integration of these modules with other bank solutions.

According to Alexey Gurevich, "Now it's a very good moment to launch FERNBACH's products for the Russian market. Toughening of regulatory requirements, in particular, the banks’ change-over to the international standards of financial accounting and a planned introduction of Basel II recommendations in 2008-2009 increase interest of Russian banks to the examination and deployment of solutions special for this area. We forecast a considerable growth of this market segment and expect to take the leading positions there together with our partner."