- Whistlebrook now one of the leading players in building society accounting systems
Whistlebrook Limited, the Hertfordshire-based specialist in back office systems, has acquired the CFAS financial accounting product and customer base from Foresight Limited for an undisclosed sum. Under the terms of the agreement, Whistlebrook will provide support for the ageing financial accounting and treasury management system for three years, and provide a migration path for the 20 UK building societies currently using CFAS to run their operations.
At the same time, Whistlebrook announced supporting partnerships with industry leaders, Lynx Financial Systems and MVT, to integrate CFAS with the companies’ mortgage management systems – a first in the industry. The first fully integrated product is expected to be in place by the Autumn.
Commenting on the announcements, John Richardson, Sales Director at Whistlebrook Limited, said, “This is an important step forward for the majority of local and regional building societies, who depend on CFAS. Not only will we provide a safe migration path from the existing product, which is now over ten years old, but we have committed to add full integration with the two market-leading mortgage management systems. For the first time, building societies will have integrated financial accounting, treasury management and mortgage management. The potential benefits in terms of administrative savings and improvement in customer service will be huge.”
David Webber, Managing Director of Lynx Financial Systems, said “the senior manangement team at Whistlebrook have many years of experience within the retail financial sector and have built a strong business on the strength of their financial accounting offering. Lynx is looking forward to working with them on this exciting new offering to the Building Society Market place.”
CFAS, a combined Financial Accounting and Treasury Management system, is used by 20 of the 53 Local and Regional building societies in the UK.
Whistlebrook Limited is one of the UK’s fastest growing providers of software and professional IT services within the finance, travel and leisure management industries. The company focuses on the development of niche application software packages, particularly for back office activities, and on the execution of software development and maintenance projects on behalf of its clients. Whistlebrook, based in Tring, Hertfordshire, also provides its customers with exceptional capabilities for management and financial reporting.
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