Finastra partners with FINCA to support its IFRS9 compliance

Finastra’s Fusion Risk has been deployed by FINCA Impact Finance to support its IFRS9 regulatory requirements.

Through the implementation, which is in partnership with Russian IT services company Neoflex, Fusion Risk is expected to also optimise FINCA’s day-to-day operations and make its lending more efficient and profitable.

The decision to partner with Finastra was to improve its short-term regulatory compliance and reporting standards to meet International Financial Reporting Standard 9 requirements.

FINCA Impact Finance vice president and CFO Roman Hingorani said, “We needed a solution that would allow us to comply with regulatory requirements and manage the efficiency and profitability of our lending business around the globe.

“Fusion Risk, which is being implemented by a diverse team that cuts across our Finance and Information Technology departments, eliminates the complexity around regulatory compliance by implementing single data management processes for FINCA Impact Finance’s 20 subsidiaries.”

FINCA Impact Finance is a global network of 20 micro-finance institutions and banks which offer financial services to low-income individuals and communities and help them invest in their futures.

Arnaud Picut, global head of risk practice at Finastra said, “The data generated by financial reporting can be quite complex, with resources that are often weighed down by day-to-day operations. Fusion Risk simplifies these processes by bringing data together in one environment.

“This results in time and money savings as well as keeping in line with regulations. Additionally, Fusion Risk is built on components that can be shared beyond the risk and compliance function, it is fully scalable, designed to evolve with changing markets and regulatory demands.”

Earlier in the month, Finastra partnered with Germany-based bank Münchener Hypothekenbank to help it meet its MiFID II transparency requirements.

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