London, UK – Aug 2022 – Whistlebrook Limited is pleased to announce that Penrith Building Society has chosen Whistlebrook’s Effective Interest product, WBEIR®, and that the system is already live.

Whistlebrook Effective Interest Rates (WBEIR®) is a unique product that provides a sophisticated solution to the challenges of IFRS 9 and FRS 102 interest and fee income recognition. The product offers advanced functionality that is very difficult to achieve in a spreadsheet, including modelling alternative customer behavioural scenarios. The WBEIR® product is part of Whistlebrook’s integrated suite of back-office applications. It has been deployed by multiple financial organisations and proven through auditor scrutiny.

Elspeth James, Penrith Building Society’s Finance Director said “Calculating our monthly EIR on spreadsheets was becoming time consuming and more complicated. We therefore needed a proven system 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 Company Director added: “We are delighted that The Penrith Building Society chose the WBEIR® system and we are very pleased that the Society is enjoying the full benefits provided by WBEIR®. Penrith and Whistlebrook have now work together to complete another successful project and we look forward to hopefully working with the society on other future projects.”

About Penrith Building Society

Penrith is a small historic and beautiful town to the north-east of the Lake District. The Society was founded in 1877 as a mutual building society to help local people look after their money and buy their own homes, and that principle is still at the heart of what the Society does today, not just in Penrith, but across the UK. The Society continues to remain true to its purpose, whilst remaining relevant and always aspiring to do better for its members, staff and the community it serves.

Find out more at penrithbuildingsociety.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, all integrated at database level, 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