SAP has introduced an update to its banking software, 8.0 release of banking services, which includes planned enhancements to help banks excel in today’s financial climate.
With the new release of banking services, banks will be able to turn to SAP to power either a piece or the core of their operations, as individual components of banking services from SAP will be able to be used separately from the full platform and SAP will allow banks to boost efficiency – bringing products more quickly to market and identifying potential risks.
The 8.0 release of banking services is planned to include analytics designed to the latest compliance regulations as well as accommodation of mergers and acquisitions through flexible transactional banking.
The latest release of banking services from SAP include Merger Readiness which is planned to include standardised processes for integrating the operational and accounting systems of subsidiaries onto a main IT platform. Banking services from SAP aims to enable business operations to be sheltered from interruptions during a migration.
The SAP Accounting of Financial Instruments for Banking package aims to provide central accounting and valuation functionality to handle local GAAP and IFRS requirements in parallel, using the same source data and the SAP Interactive Credit Risk Analysis application aims to enable banks to "stress test" their financial books, uncovering any potential sources of risk before they can have an impact on the business.
New pricing bundles are planned for banking services from SAP in order to facilitate cross-product incentives to customers and the SAP Payment Engine application aims to provide a centralised hub for filtering payments across all of a bank’s channels and multiple lines of business.
SAP Industry Business Unit Banking head Gerald Faust said as the industry faces a lot of mergers, SAP has created a step-wise and flexible approach that will help banks to integrate their systems efficiently and without disruption.
"In addition, SAP provides the most comprehensive solution to quickly react to the frequently changing regulatory requirements while at the same time focusing on serving the customers with the right products and services at the right time. Banking services from SAP will have all the tools needed to elevate a bank to the top of its industry," said Faust.
