Our product BARS is used in Austria since September 3rd, 2010.
The Raiffeisen land banks in Lower Austria / Vienna, Burgenland, Styria and Vorarlberg, as well as all associated Raiffeisen banks, are now using BARS for the statement analysis of their corporate clients.
The changeover was realized as a „Big Bang“. On September 1st, the old system named “KUBA” was shut down. On the next day, the complex migration and recalculation of over 42.000 statements started, so BARS could launch on September 3rd.
This extensive BARS project was filled with new features and challenges:
Efficient statement recognition
The Raiffeisen group uses BARS for all customer segments. This means structuring roughly 40.000 financial statements annually. Since one analyst of the Raiffeisen group has to manager a couple of hundred customers, a special focus was put on the extremely efficient entry of statements. For comparison: An analyst in the Midcap area of a German major bank usually manages around 20 customers.
- Multi-level structuring pattern
The requirement to recognize small local companies as well as big multinational groups within a standardized structure-framework was solved with multi-level structuring patterns. This gives the analyst the option to choose how deep he wants to start within the customers’ structure.
- Complex permission management
The representation of user permissions is of special complexity. Users from 248 hierarchically working banks in a standardized system should be granted exactly the permissions they need in every case.
A first follow-up project could also be started and finished within this year. The electronic statement transfer made the manual statement recognition obsolete. The financial statements are imported directly from the Austrian control bank (OeKB). The OeKB collects all the statements from Austrian chartered public accountants and tax consultants.
This service is already in use by many Austrian major banks. BARS is the first system in Austria that makes full use of the possibilities of the electronic statement transfers, up to the confirmation of an analysis result to the accountants and consultants.
We would like to thank our customer for the successful co-operation and express our congratulations to the excellent start of the production system.