MONETA Money Bank adopts the leading Corporate Performance Management (CPM) financial platform CCH® Tagetik from Wolters Kluwer to meet IFRS requirements and simplify the reporting process.
MONETA Money Bank, one of the long-established award-winning banks in the Czech Republic servicing both retail and commercial customers, appointed Inulta to implement Wolters Kluwer’s CCH® Tagetik Corporate Performance Management (CPM) expert solution for IFRS data accounting and group consolidation, aiming to simplify the reporting process on both a consolidated and individual level.
“We required an ESMA-compliant solution that allows for IFRS conversion adjustments to streamline the financial reporting, along with group consolidation, automatic financial statement generation, improved control environment and data quality. The CCH® Tagetik system proved to be the most suitable solution for our needs, considerably simplifying our processes. The solution was implemented and tested on a tight timeline and integrated seamlessly with our existing technology. The Inulta consultants showcased excellent technical expertise, and their knowledge of the subject enabled them to identify all the intricacies of our business processes in their system implementation,” said Petra Jankovská, IFRS Reporting manager at MONETA Money Bank a.s.
Go-live timeline of 15 weeks
“The project was delivered both on time and on budget within the constraints of a fixed price perimeter, an extremely tight go-live timeline of 15 weeks and complex requirements, consisting of more than 200 consolidation adjustments, validated by an over 95% pass rate out of 7,000 checkpoints in First User Acceptance Test. The comprehensive consolidation and reporting solution delivered more than anticipated in terms of capabilities, quality, and timeliness, and MONETA Money Bank continues to enhance the solution with new functionality,” said Valentin Bratu, Managing Partner at Inulta.
Reduced closing process and improved efficiency by 30%
MONETA partnered with Inulta to implement CCH Tagetik iXBRL – powered by CoreFiling, to achieve ESMA compliance and prepare financial reports in a single electronic document. By implementing CCH® Tagetik, MONETA Money Bank reduced the closing process and improved efficiency by 30%, accelerating the monthly and quarterly reporting to management and investors. The group consolidation process is streamlined and allows for better governance. The customer is currently using CCH® Tagetik for monthly financial statements, annual reports and for further processing by other departments within the company.