Neoflex is expanding expert assessment in IFRS 9 automation
Within the framework of the Finastra Universe conference, held on March 20-21, 2018 in Singapore, representatives of Neoflex acted as co-organizers of the round table meeting dedicated to automation of Indonesian banks in accordance with the IFRS 9 international standard of financial accounting.
Within the framework of the round table meeting the design experience of Neoflex in automation under IFRS 9 standards was presented. Besides Indonesia, Neoflex carries out projects in this field in more than 15 countries worldwide. Today the Indonesian banks have access to services of integrated automation under the IFRS 9 standard in two formats. Automation is possible under the standard model under which the customer purchases licenses and installs software. A new format of IFRS 9 automation with the use of cloud service (SaaS) was proposed to the banks.
The SaaS-model of providing IFRS 9 automation services is implemented by Neoflex with support of Finastra and the local IT company, Praweda, which provides hosting in Indonesia. The advantage of the SaaS-model for the customers is the shorter time for deploying the system (1-3 months after the concluding the contract) and significant reduction of costs for providing IT infrastructure by the customer. Other participants of the round table meeting were the major Indonesian banks, including Bjb, Resona, Maybank, Jtrust, Muamalat, etc. Most of them expressed interest in the new format of automation services under IFRS 9 standards and interest in becoming more familiar with the solution.