Luxembourg-based Fernbach Software, a provider of regulatory reporting platforms and enterprise-wide value and risk management solutions, has signed an agreement with NORD/LB Luxembourg to provide the bank with its FlexFinance CSSF Reporting and the additional regulatory reporting module for large-scale loans.
The web-based software FlexFinance CSSF Reporting enables the bank to bring its accounting standards completely into line with the Luxembourg’s new Corep (common reporting) and Finrep (financial reporting) regulations, introduced to standardize and simplify the exchange of financial data. This software is geared towards the current requirements of the Luxembourg market.
Oliver Scharr, head of the organization and project management department at NORD/LB Luxembourg, said: Finrep and Corep reporting introduces for the first time the need for complex pre-calculation in order to generate the reports. The FlexFinance product line solves this issue and we are now able to nearly fully automate our prudential reporting duties.