Indonesian bank saves about 86 p.c. time with IFRS solution

JAKARTA, INDONESIA: Bank Tabungan Pensiunan Nasional (Bank BTPN), one of the local banks in Indonesia serving more than 1.5 million customers, has reported that it completed 2012 year-end closing and submitted LBU commercial bank monthly reports to the regulator Bank Indonesia (BI) in three hours thirty minutes through Wolters Kluwer Financial Services' IFRS solution.

The results represent an 86 per cent decrease in time in comparison to the previous year (Dec 11 to Dec 12 from 26hrs 11mins into 3hrs 30mins), as further added. 

Bank BTPN selected Wolters Kluwer Financial Services IFRS solution in order to address PSAK 50 & 55 and meet BI requirements which stipulate that financial institutions complete all year-end closing for year-end reporting to the regulator, within five calendar days. BTPN originally selected Wolters Kluwer Financial Services' IFRS solution in 2009 due to its solid data management capabilities which provide support to multiple business lines, including pensions and small business loans.

"With BI expecting all banks to complete year-end closing processes within five days, Bank BTPN required a vendor which could support both our finance and risk systems together," said Karim Siregar, director at Bank BTPN. "Since the implementation of Wolters Kluwer Financial Services' IFRS solution, we have been delighted with the results, having completed all year-end processes within four hours. We look forward to further financial performance process improvements as we continue to work with Wolters Kluwer Financial Services in achieving compliance with BI requirements."

"Indonesian banks have committed to deliver month-end and year-end reporting on time to Bank Indonesia. BTPN informs us that it is now comfortably meeting the deadlines with a fully automated process with our IFRS solution," said Chris Puype, managing director Asia Pacific at Wolters Kluwer Financial Services. "We are delighted to be working with BTPN and the strength of these results are testament to the strong working relationship we have with the bank."