Posted on: January 17, 2022
London, UK – January 2022 – Whistlebrook Limited is pleased to announce that Melton Mowbray Building Society has implemented Whistlebrook’s WBEIR® product to meet the Society’s IFRS 9 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.
Lydia Collishaw, Melton Mowbray Building Society’s Financial Controller 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 Melton Mowbray Society has chosen to use our WBEIR® product, and we were pleased that the Society is now enjoying the full benefit offered by WBEIR®.”
About Melton Mowbray Building Society (from MMBS website)
We’re here to help people buy their own homes, make the most of their savings and to help you find independent personal financial advice. With over 40,000 members, we have a reputation for being a trusted provider of mortgages and savings.
Commitment to mutuality
Our success is built on being an independent, mutual Society, which places customers (or members) at the heart of everything we do. Being a mutual means we don’t have shareholders to pay dividends to so we can share the results of our success with our members through higher interest rates for savers, lower rates for borrowers and providing better services.
This also means contributing to the communities we serve, including supporting local charities not only financially, but also voluntarily with our time, experience and knowledge.
Commitment to our customers
Our roots and heritage are firmly in the Melton Mowbray area and our 3 local branches – Melton, Grantham and Oakham – provide a level of customer service you would expect of a community based building society. It’s also very easy to do business with us over the telephone, online and through mortgage intermediaries.
Find out more at www.themelton.co.uk
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; Asset & Liability Management and Accounting.
Find out more at whistlebrook.co.uk