Connect with us


SAP Announces Availability of a New SAP S/4HANA-Based Subledger Solution for Financial Products

Digital Marketplaces

SAP SE (NYSE: SAP) 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.”

Visit the SAP News Center. Follow SAP on Twitter at @sapnews.


Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Text Translator

Awards Ceremony

Click on the Image to view the Magazine

Global Brands Magazine is a leading brands magazine providing opinions and news related to various brands across the world. The company is head quartered in the United Kingdom. A fully autonomous branding magazine, Global Brands Magazine represents an astute source of information from across industries. The magazine provides the reader with up- to date news, reviews, opinions and polls on leading brands across the globe.

Copyright - Global Brands Publications Limited © 2024. Global Brands Publications is not responsible for the content of external sites.

Translate »