Post implementation, the Thai lender will get the advantage of fully automated process which will apply specific IFRS calculations, including amortized cost, impairment, run IFRS-GAAP ledger, while slashing costs through the adaption into a single system.
Following rigorous selection process carried out with numerous vendors, the bank chose IFRS technology due to its better understanding and expertise of the Bank of Thailand IAS 39 requirements.
Migrating from a manual process to an automated system will help the bank to decrease manual interventions and operational risk, increase IFRS implementation and reduced costs, expedite closing and disclosures to regulators, groups and markets.
Further, it will cater streamlined and integrated accounting processes through a single system as well as its immediate drill-back functions will offer a transparent audit trail.
As part of the implementation, YIP IN TSOI Co will offer professional consulting and services by working collaboratively with Wolters Kluwer Financial Services’ consultants.
Thanachart Bank manages over 600 branch offices and provides an array of financial services to over 4 million customers, including retail, hire purchase, corporate and sme banking, insurance, life assurance, securities brokerage and fund management.
