SAP has announced its new SAP S/4HANA for financial products subledger. The solution is targeted at banks, insurance and fintech companies. Financial products subledger, utilises a central hub to manage accounting flows to delivery increased transparency and control. The solution runs a multi-GAAP accounting engine and enables financial institutions to centralise accounting rules and insurance contracts. This not only reduces the cost of reconciliation, it also increases efficiency in finance functions.
Luka Mucic, CFO and member of the Executive Board of SAP SE commented: “This solution supports sophisticated multi-GAAP valuation and accounting concepts. 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.”
Enterprise Times: What does this mean
SAP are building out the functionality of SAP S/4HANA. SAP S/4HANA for financial products subledger will, importantly, allow financial institutions to take advantage of the SAP HANA in-memory platform. Details around the implementation of this solution are not covered in the press release. Once complete though, there will be significant speed benefits once the migration is complete.