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FinTrak eases financial reporting with IFRS 9 software

By Editor   |   04 January 2017   |   3:11 am

software-(1)Indigenous software solutions provider, FinTrak, has released FinTrak IFRS 9 Solution to financial stakeholders in Nigeria.This is in a bid to ensure seamless transition come January 1, 2018, and sustainable financial instruments reporting for banks, insurance companies and other financial institutions in Nigeria.

FinTrak IFRS 9 software is easily adaptable and a user friendly solution that effectively deals with all aspects of the new impairment model.
These include incorporation of forward looking information, definition of default and significant increase in credit risk, transfer criteria, new calculation and simulation requirements, as well as advanced reporting dynamics.
  
In his keynote address, the Group Managing Director of FinTrak Software Co. Ltd., Bimbo Abioye, stated that “Nigerian banks should learn from mistakes of the past and avoid the booby trap of investing heavily in foreign financial instruments calculation engines that are not easily adaptable to our local business needs, and with a very low probability of success.”

  
He stressed that the FinTrak IFRS 9 solution was not only developed by Nigerians for the Nigerian market, but to also assist banks, insurance companies and other financial institutions in migrating their existing IAS 39 based financial instruments reporting processes and software to IFRS 9.“The Fintrack IFRS 9 solution is user friendly with a simple interface that will enable a non IT person to operate with ease,” he said.

Similarly, Head, Department of Professional Practice, West Africa at KPMG Professional Services Nigeria, Agnes Lutukai,  added that “half of the financial institutions in Europe are unprepared for the transition to IFRS 9 and the extent of work that may be required to achieve IFRS 9-compliant reporting will be significant for banks in Nigeria.”
 
Hence, banks, insurance companies and other financial institutions should start IFRS 9 implementation in earnest, so as to effectively manage regulatory and business surprises.

She further opined that banks should use proven methodologies and effective IFRS 9 software in this project and the FinTrak IFRS 9 solution should be considered in this regard.
  
The Executive Director, Technical Services at FinTrak Software Co., Steve Ongharaka, remarked that the FinTrak IFRS 9 reporting solution is an end to end financial instruments reporting system.

The solution covers data acquisition/integration, data analysis/valuation, 12months Probability of Defaults (PDs) /Lifetime PDs computations, expected credit loss/impairment calculations, Credit Conversion Factor calculation, among others and all of these computational routines are processed automatically.
 
New online media platform ‘influencewithaquinas’ debuts
A NEW online media platform has debuted Nigeria’s Internet space.Named influencewithaquinas.com, it is owned by Aquinas Cosmas, a blogger, writer, publicist, brand consultant, models coach, event strategist, compere, and the Chief Executive Officer of Delaquine International Limited.
 
Cosmos, a social entrepreneur, holds first degree in geography and environmental management from Imo State University. He confirmed that his venture into full time blogging was borne out his passion and desire to create a platform that communicates wholesome information yet offering qualitative professional services and solutions to those that need them.
 
He informed that the new platform which is currently powered on one of American top hosting site had existed for 18 months as a free domain on wordpress where it recorded over 140,000 visitors’ hit and several millions of posts impressions reaching a worldwide audience in 67 countries across five continents.
  
He further stated that the online platform being a subsidiary of Delaquine International Limited, will serve as a hotspot for all media solutions for brands, researchers, Music Artistes, fashion designers, beauticians and its online audience.
 




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