VIENNA & ZURICH--()--Software Daten Service (SDS) and Detecon Consulting Switzerland have agreed to cooperate in sales and implementation activities for SDS' financial software f:Sub. The IT application will primarily be offered in Switzerland and Germany, with other European countries on the roadmap. The close cooperation between the two companies allows for the pooling of know-how, services, IT solutions and cutting-edge consulting services. It covers all the different challenges which banks and insurance companies have to tackle in terms of accounting and reporting of own holdings and own issues.
“A comprehensive accounting and reporting software for financial instruments is essential for financial institutions”
As a result of the replacement of the international accounting standard IAS 39 by the new IFRS 9 standard in 2015, major changes to existing IT applications and business processes have to be implemented. Particularly in the complex field of subsidiary ledgers for securities and derivatives, the intelligent and future-proof IT application f:Sub replaces processes which mainly had to be performed manually.
SDS' financial solution f:Sub has been used successfully for many years under the name of GEOS Nostro - an add-on to the securities processing system GEOS in Austria and Germany. Now it is also offered as a stand-alone product. All changes necessitated by IFRS 9 will be continuously implemented in f:Sub.
"We offer a solution which completely covers all statutory and regulatory requirements regarding position keeping, accounting and reporting as well as the evaluation of a financial institution's own holdings", explains Alexander Birkl, Head of Solution Sales at SDS, the Austrian market leader for standardised banking and financial services software.
"A comprehensive accounting and reporting software for financial instruments is essential for financial institutions", says Martin Stoppel, Group Head Financial Accounting & Sourcing Management at Detecon in Zurich. "Particularly the complex changes resulting from IFRS 9 present a number of challenges. This is precisely where f:Sub comes in, providing significant improvements for accounting."
About SDS: Software Daten Service, a subsidiary of T-Systems International GmbH, was founded in 1974 and has since established itself as a successful vendor of banking software. SDS specialises in the development of banking software, in particular for handling international securities transactions, and its flagship product GEOS has achieved considerable success on the market.
About Detecon: Detecon Consulting is one of the world's leading consultancy firms for integrated management and technology consulting. Detecon (Switzerland) AG, which is headquartered in Zurich and has approximately 150 employees, unites financial management with ICT management competencies and focuses on the individual requirements of CFOs and CIOs from various industries.