IFRS compliant ERP system at Garantiqa

R&R Software’s ERP system at Garantiqa Hitelgarancia Co. Ltd. is being upgraded with a fixed assets module, and IFRS-conformity.

Garantiqa Hitelgarancia Co. Ltd. (Garantiqa) was founded in 1992 by the Hungarian Government, the most significant Hungarian commercial banks, savings co-operatives and a couple of business representative associations, in order to operate as a catalyst by assuming first-loss guarantee during lending for Hungarian SMEs and organizations.

On the 13th of December, 2007, Garantiqa was the first of its kind in Hungary to be allowed credit institution-level operation by the Hungarian Financial Supervisory Authority (PSZÁF), with the reason being Garantiqa using management, verification, risk management and capital requirement calculating methods that meet the requirements laid down for credit institutions.

Garantiqa has been using the financial and accounting components of R&R Software’s VERK/400 ERP system since 2000 in integration with the guarantee/surety management system. Since then, the modules have been through multiple version updates – to comply with law regulations – and new components have also been added; for example a data warehouse for business analytical purposes.

According to a certain Hungarian law regulations, Garantiqa has a new obligation to fulfill: it has to meet the requirements of the IFRS (International Financial Reporting Standards) accounting standards and interpretations. To achieve this, Garantiqa decided to expand and develop their already existing VERK ERP system: by the end of 2016, R&R Software will deliver the fixed asset management component, and will upgrade the system to IFRS-conformity by May, 2017. The new fixed asset components will be available to Garantiqa’s users with the VERK ERP’s renewed, graphical user interface.

VERK provides secure and reliable integrated enterprise level solutions for financial service providers to support financial and accounting operations. With its industry-specific editions, it offers complete ERP functionality for wholesale dealers and manufacturers.