Fiserv, a renowned financial services and payments technology solutions company, has reportedly abounded that it has collaborated with LeaseQuery, a US-based accounting software firm, to enable financial institutions to enhance their lease accounting procedures as well as address market standards. This new partnership would offer customers Fiserv’s accounting software, Prologue Financials along with access to LeaseQuery’s purpose built lease accounting software.
Fiserv’s Prologue Financials allows financial firms to improve the financial accounting process efficiency with built in controls and automation. The contract with LeaseQuery offers users of Prologue Financials access to various lease accounting capabilities that are cloud based, including disclosure reports, journal entries, and automated lease assets.
Aldor Delp, General Manager and Senior Vice President of Digital Efficiency Group, Fiserv, stated that while a number of financial organizations with fewer operating leases might be able to continue tracking their leases on spreadsheets, this would usually turn out to be an impractical and labor intensive task for numerous institutions.
Delp further added that the dynamic accounting environment is conducive for automation process, which further enhances the efficiency and accuracy of the overall lease accounting procedure.
Founder and the CEO of LeaseQuery, George Azih stated that though the new lease accounting standards would not change how financial institutions take leasing or loan decisions, the way in which they are imprinted over balance sheet has significantly changed.
Azih further added that lease accounting can be highly complicated, thus having access to a purpose built solution would help in streamlining the transition for financial institutions, and moreover, it is an immense benefit for people using Prologue Financials.
Internal Controls Manager and Vice President at Amerant Bank, Adrian Rodriquez stated that LeaseQuery and Prologue Financials operate seamlessly together. Lease onboarding is easy. More importantly, users save their time because they can complete lease calculations rapidly, which has further resulted in higher efficiency.