Media Center - News

News

MDSL New Partnership with Wolters Kluwer Financial Services

July 27, 2017 - Beirut, Lebanon

A- A+

MDSL, an ITG company, promotes IFRS banking solution in order to facilitate the calculation of expected credit loss impairment on financial assets, from capture and storage of contractual information till processing and delivery of disclosures.

 

As part of the response to the last financial crisis, the International Accounting Standards Board (IASB) recently issued IFRS 9 to resolve the weakness of IAS 39. The new standard requires entities to account for expected credit losses using forward-looking information and lowers the threshold for recognition of full lifetime expected losses. IFRS 9 provision calculation will require integration of multiple processes across different areas, including risk, finance, and accounting.

 

For this purpose, MDSL has entered into a partnership with Wolters Kluwer Financial Services.

 

IFRS 9 functionality is part of WKFS comprehensive and modular OneSumX IFRS 9 solution, which provides the financial industry with a solid framework to capture and store all relevant contractual information, manage events and transactions, IFRS calculations, accounting generation and processing up to the delivery of the disclosures.

The solution is recognized as a leading Financial Reporting platform. It is also ranked number 1 by Chartis Research (RiskTech and FinTech) in IFRS9.

 

MDSL is proud to represent WKFS and to promote OneSumX IFRS 9, as it covers the main challenges encountered by the implementation of the new IFRS 9 standard requirements:

  • Systems, processes, and automation
  • ECL calculation engine
  • Risk, finance, and accounting integration
  • General ledgers reconciliation
  • Underwriting, risk-adjusted pricing, and limits systems
  • Risk-adjusted pricing metrics
  • Impairment calculation
  • Collateral allocation and valuation
  • Reporting and financial statements
  • Retrieval of old portfolio data
  • Classification of transactions at origination
  • Flexibility of implementation
  • Gathering and storage of data

 

MDSL team has extensive practical experience in the region, and is used to developing pragmatic solutions where data availability is challenging. The background of our senior team includes leading experience across the industry, regulation (FSA), big 4 accounting and consulting firms.  We therefore bring the credibility needed to demonstrate a robust implementation to your auditors and regulator.

 

Many customers selected MDSL to provide the solution and the expertise to implement the new IFRS Standard.  The solution is offered on premise and as an option it can also be hosted on the Cloud when required.

 

About WKFS

 

We help organizations around the world manage risk and compliance, and grow safely and profitably by providing software, expertise and services to help them make critical business decisions.

As the leading worldwide provider of comprehensive compliance, risk management and audit solutions for the financial services industry, we embed unmatched expertise into our industry-recognized technology, and provide leading support and services. WKFS solutions are used by 92% of the world’s top 50 banks.

 

Only Wolters Kluwer can deliver these powerful solutions that help our customers address risk and compliance challenges at all levels of their organization. This includes the risk and compliance management associated with acquiring new customers and growing their business with existing customers; the ability to manage the risk and financial performance of their portfolios, as well as optimizing the risk-based performance of the entire organization. As a benefit, customers can spend more time focusing on their customers and managing their business’ performance.

For more info: www.wolterskluwerfs.com

 

About MDSL

Established in 1978, MDSL, part of ITG (Holding), has a proven track record in the supply and integration of turnkey banking solutions in Lebanon and the Middle East region, including:

Core banking solutions: Core banking, treasury, risk management (asset liability management, profitability, Basel II), corporate & retail lending, electronic signature verification and mobile & internet banking

EFT solutions and payments: ATM/POS switching, Card management, Fraud management, and EFT software simulation (ATM/POS terminals, Hosts to Host interfaces), and instant / central card issuance systems

In addition, MDSL offers Telco solutions, business analytics, business intelligence, and enterprise content management solutions, and specialized software for the corporate governance.

For more info: www.mdsl.com.lb


Information Technology Group (ITG) is a Lebanese holding company. We combine an array of autonomous affiliates dedicated to providing a large portfolio of solutions and services in the MENA region, in the areas of hardware, system software, and application software, in addition to building automation and office solutions.

Strong with our proven track-record and solid partnerships with leaders in the ICT industry, we can offer the full spectrum of solutions to most businesses, ranging from office furniture to the full-fledged data center, in addition to Cloud-based services.

ITG derives additional strength and reach thanks to its affiliation with the HOLCOM group of companies which has a 50 year history in diligently serving clients in the EMEA region with its 5,700 professionals.

For more info: www.itgholding.com