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Fiserv, LeaseQuery partner to enable FIs to improve lease accounting

Thursday 20 August 2020 10:31 CET | News

PSP Fiserv has partnered with LeaseQuery to enabling financial institutions to advance their lease accounting processes and address industry standards.

This collaboration will provide users of Prologue Financials accounting software from Fiserv with access to purpose-built lease accounting software from LeaseQuery. Historically, operating leases have been considered off-balance sheet transactions, often tracked manually in spreadsheets. This changed when the Financial Accounting Standards Board (FASB) issued a new standard for lease accounting that requires financial institutions to recognize operating leases for retail branches and office space upon commencement of the lease. As a result, financial institutions could see a 60-70% average increase in lease liabilities on their balance sheet, according to LeaseQuery.

The agreement with LeaseQuery gives Prologue Financials users access to cloud-based lease accounting capabilities, including automated lease assets, journal entries, and disclosure reports. Prologue Financials features automation and a well-designed user interface, enabling users to increase the efficiency of financial accounting processes. Prologue Financials includes a general ledger software solution for medium-to-large financial services institutions that automates and streamlines accounting processes.

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Keywords: Fiserv, LeaseQuery, partnership, FIs, financial institutions, lease accounting, Prologue Financials, accounting software, software, Financial Accounting Standards Board, FASB, retail branches, lease liabilities, cloud, automation, user interface, PSP, payment service provider
Categories: Banking & Fintech | E-invoicing, SCF & E-procurement
Countries: United States
This article is part of category

Banking & Fintech