Saffron Building Society selects WBEIR® for interest and fee income recognition

London, UK – January 2020 – Whistlebrook Limited is pleased to announce that Saffron Building Society has implemented Whistlebrook’s WBEIR® product to meet the Society’s FRS102 interest and fee recognition requirements.

Whistlebrook Effective Interest Rates (WBEIR®) provides a sophisticated solution to the requirements for IFRS 9 and FRS 102 interest and fee income recognition. The product offers advanced functionality that is not easily achieved in a spreadsheet model, including modelling alternative customer behavioural scenarios. The WBEIR® product has been deployed by multiple financial organisations and proven through auditor scrutiny.

Maurice Mills, Saffron Building Society’s Interim Chief Financial Officer said “Calculating our monthly EIR on spreadsheets was becoming time consuming and more complicated. We therefore needed a dedicated solution to precisely calculate and forecast our income and fee recognition. Whistlebrook’s WBEIR® product meets our needs and we are pleased to now be using the software after a successful implementation.”

Andy Hudders, Whistlebrook’s Sales and Marketing Director added: “We are delighted that Saffron Building Society has chosen to use our WBEIR® product, and we were pleased to help Saffron Building Society to get the system live in a short timescale to meet their accounting & audit requirements.”

About Saffron Building Society

Saffron Building Society prides itself on being a mutual organisation, which means that it is owned by its customers and exists solely for their benefit. The Society has a number of branches located in Hertfordshire, Essex and Suffolk. Saffron Building Society offers a variety of mortgage products to meet a range of individual needs. It also provides a range of savings and investment products including cash ISA’s, notice accounts, immediate access and children’s savings.

Find out more at saffronbs.co.uk

About Whistlebrook

Founded in 1997 Whistlebrook is a leading provider of back office software solutions to the financial services industry. These software solutions have been developed with financial institutions to solve particular business problems, provide business insights and improve efficiency. The software solutions comprise of a portfolio of back office applications that cover such areas as: Regulatory Reporting; Effective Interest Rate calculation; Hedge Accounting, Single Customer View; Funds Transfer Pricing; Treasury Management; Margin Management and Accounting.

Find out more at whistlebrook.co.uk