WALLDORF — SAP SE (NYSE: SAP) today announced its new SAP S/4HANA for financial products subledger. SAP has leveraged more than 45 years of experience in finance to develop a solution that accommodates the increasingly complex regulatory and reporting environment facing banks, insurance and fintech companies.
The solution provides a central hub to manage data between operational and finance systems, streamlining accounting flows and supporting increased transparency and control. It takes advantage of SAP’s industry-leading in-memory computing platform, SAP S/4HANA, for flexibility and speed.
IT’s ability to support finance and risk processes has become more difficult to manage as a result of fragmented data models between operational and finance systems, in addition to highly redundant accounting rules and interfaces. Maintaining compliance and consistency is also a challenging task with new regulations such as the International Financial Reporting Standards (IFRS) 9 and 17. These impact the valuation of insurers’ assets and liabilities for accounting purposes and change processing and reporting standards.
To help overcome these obstacles, the subledger solution runs on a multi-GAAP accounting engine that provides enhanced calculation and accounting capabilities for payments, business events and estimated cashflows. Centralizing all accounting rules for financial instruments and insurance contracts unburdens the product systems from accounting and controlling tasks, thus allowing for significant cost reduction and easy reconciliation of different sets of books. For insurance companies, an additional component supports the preparation of estimated cashflows provided by actuarial systems.
“This solution supports sophisticated multi-GAAP valuation and accounting concepts,” said Luka Mucic, CFO and member of the Executive Board of SAP SE. “SAP Fiori-based embedded analytics makes the solution a dynamic tool for the end user and takes it beyond a pure instrument for documentation to a powerful platform that generates data analysis to facilitate financial steering. These enhancements build on what we’ve already accomplished in our co-innovation project with Swiss Re, and we look forward to implementing this at a larger scale among our banking and insurance customers.”
Stacy Ries, +1 (484) 619-0411, firstname.lastname@example.org, ET
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Source: SAP ERP News