With Deutsche Bank as an early adopter, SAP is launching Banking Services 8.0 in the new year. Deutsche Bank, which has just completed a major cloud computing programme, is basing its core banking systems on the vendor’s platforms.
While banks struggle in a tough economic climate to quickly migrate vast tranches of sensitive customer and trading data, and to integrate enterprise resource planning and other back office systems, software systems are increasingly emerging to tackle the problem.
SAP Banking Services 8.0 is designed to aid this by including the latest analytics. SAP said these would also help address the increasingly complex compliance regulations that banks face.
SAP, which has vowed to be the main software supplier to banks by 2015, insisted the system was the “most comprehensive IT platform for finance” and was designed to be “highly flexible” in order to aid complex mergers.
“Warnings of a double-dip recession, tighter regulation and increasing consolidation have created a need in the marketplace” for specific simplifying technology, SAP said.
The software offers standardised processes around transactions and analytics, aimed at aiding them with bringing merged products more quickly to market and identifying merger risks.
It includes detailed merger readiness assessments and process planning, compliance management and a centralised payment engine. SAP said it was also offering more flexible pricing.
Gerald Faust, head of banking at the company, 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.”