Whistlebrook Limited, a leading provider of back office solutions for the financial services sector, is pleased to announce that Monmouthshire Building Society (MBS) has chosen Whistlebrook’s Effective Interest Rates (WBEIR) system, to replace its existing spreadsheet based model.

Whistlebrook EIR provides a sophisticated solution to some of the challenges associated with IFRS 9 and FRS 102 and offers advanced functionality that is not easily achieved in a spreadsheet model, including complex forecasting capabilities and we are now delighted to announce the system has recently been given auditor approval. Released mid-2016, Whistlebrook EIR is already the preferred solution for many financial institutions affected by the new accounting standards.

“Calculating our monthly EIR on spreadsheets was proving to be a very complicated and labour intensive exercise. As such, MBS needed a dedicated solution to accurately calculate and forecast EIR. Whistlebrook have a proven track record in the field and having successful implementations of other Whistlebrook solutions in place we are pleased to rely on the firm’s expertise for our EIR requirements,” says Nathan Griffiths, Financial Controller at MBS

“Andy Hudders, Whistlebrook’s Sales and Marketing Director added: “We are delighted that MBS have chosen the Whistlebrook EIR system. We have a long standing and successful partnership with MBS and we look forward to us working together to ensure another successful implementation”

About MBS

The Monmouthshire Building Society was established in Newport in 1869 to meet the needs of the local people. The Society operates through a network of branch and agency offices covering the M4 corridor from the town of Chepstow in the east, to Swansea in the west, offering a range of savings, mortgage, insurance and financial planning products.

MBS are a totally independent regional Building Society and endeavour to apply true mutual principles to all its affairs.

Find out more at monbs.com

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; Single Customer View; Funds Transfer Pricing; Treasury Management; Margin Management and Accounting.