A news item from last Nov on banking sector..
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Monday November 10, 1:16 pm Eastern Time
Company Press Release
SAP Gains Momentum in Financial Services Industry With Significant New and Live U.S. Customers
Representative Customers Include First Chicago NBD Corp., Janus Funds and Allstate Insurance
PHILADELPHIA--(BUSINESS WIRE)--Nov. 10, 1997--SAP America Inc., the premier supplier of enterprise client/server business applications, today announced that several key financial services organizations in the United States have chosen R/3(tm) to streamline their business processes and prepare for increased competition and growth in a deregulated market.
Fueled by the momentum of its success in more than 360 financial institutions in Europe, Canada, Latin America and the Asia Pacific region, current live R/3 installations in the United States include First Chicago NBD Corp. [NYSE:FCN - news] and Janus Funds. In addition, implementation of R/3 is currently underway at Allstate Insurance.
''SAP has achieved success in the financial services industry internationally with its core R/3 functionality,'' said Patricia McGinnis, senior technology analyst with The Tower Group, a leading consulting and research firm focusing on technology in the financial services industry. ''This comprehensive functionality for accounting-related tasks, along with the successful delivery of banking-specific financial management tools, will bolster SAP's growth in the global financial services market.''
Financial Organizations Choose SAP to Maintain Competitive Edge
First Chicago NBD Corp.
When First Chicago NBD Corp., the ninth-largest bank holding company in the United States with 1996 assets reaching $104.6 billion, decided to re-engineer its business processes, it chose R/3 for the comprehensive enterprisewide integration it offers and its ability to streamline paper-intensive processes and eliminate data redundancies.
''R/3 has enabled First Chicago NBD to reduce the number of general ledger systems from six to two, and early next year, with the conversion of our international general ledger, we will be on one ledger for the entire corporation,'' said Eric Harris, senior vice president for First Chicago NBD. ''In addition to the ledger, we have replaced 13 disparate mainframe-based finance and administrative systems and next year will replace another seven. Our employees now have the ability to drill down in one integrated system and obtain information at the transaction level.''
With the process and organizational change resulting from the implementation of R/3, First Chicago NBD will realize a significant overall reduction in its finance costs. First Chicago NBD's implementation currently includes a total of 2,200 users in locations throughout the United States and in London.
Janus Funds
Janus Funds manages approximately $65 billion in assets and is one of the largest no-load mutual fund companies in the United States. Before implementing R/3, Janus had a series of nonintegrated systems that required the use of spreadsheets and time-consuming downloads and rekeying of data to conduct some of its ongoing accounting functions and perform analysis of its operations and profitability.
''With R/3, we are integrating a number of important business systems that include financial accounting, corporate financial analysis and management reporting,'' said Mark Stanish, assistant controller, treasurer and SAP project director at Janus Funds. ''As a result, we can now more readily analyze costs by product and by distribution channel, which is critical information for the success of our business.''
Allstate Insurance Co.
The Allstate Corp., the parent of Allstate Insurance Co., is the largest publicly held personal lines insurance company and a major life insurer in the United States. Allstate chose R/3 to improve efficiency and enable the finance organization to better support its business strategies. ''By replacing a large and diverse collection of financial and human resources applications with R/3, Allstate will reduce its support costs and, at the same time, implement consistent financial processes enterprisewide,'' said Paul Feightner, vice president of accounting shared services.
Worldwide Customers
SAP's global banking, insurance and financial services customers include DePfa-Bank, Germany's largest pure mortgage bank; Allied Irish Banks PLC [NYSE:AIB - news], Ireland's largest banking group; international reinsurer Centre Re, a member of the Zurich Group based in Bermuda; Swiss Life Group, Switzerland's leading life insurer headquartered in Zurich; and EA-Generali, a Central European Insurance Group.
SAP R/3 Core Applications Provide Comprehensive Back-Office
Functionality
The SAP Financial Services solution builds on the industry-leading core R/3 enterprise application suite to offer the most robust financial solution available for financial services firms. Core R/3 functionality offers financial organizations unparalleled integration across the enterprise and across all back-office functions. It seamlessly links business process into a logical flow, including, but not limited to, financial accounting and corporate services, management reporting, treasury management and human resources. This integration along with the openness of R/3 enables financial services organizations to extract information from front-end systems and drill down to the transaction level for meaningful financial reporting, enterprisewide risk management and strategic decision-making.
The SAP Financial Services solution offers the following
capabilities:
Business Management includes financial accounting and management, which includes general ledger, accounts payable and consolidation; procurement; fixed assets; human resources; activity-based costing; real estate; project systems; executive information systems; global integration, with multijurisdiction, multicurrency and multilingual support; and electronic commerce support. Profitability includes profitability by organization, customer, product and channel. Risk Management includes market and credit risk, and asset and liability management. Additional functionality includes Internet and intranet integration, year 2000 compliance, and euro compliance.
Financial Organizations Benefit From Fast Implementation and
Industry Expertise of TeamSAP Approach
TeamSAP(tm) is the coordinated network of people, processes and products necessary to ensure a successful SAP solution. Two cornerstones of TeamSAP are the AcceleratedSAP(tm) implementation program and implementation partners.
AcceleratedSAP programs provide methodology, resources and tools that yield rapid and predictable implementations and a platform for continual change. Implementation partners bring a wealth of solutions and business and industry expertise to TeamSAP for customers.
''With AcceleratedSAP and our implementation partner, we were able to complete our implementation in four months,'' said Mark Stanish, assistant controller, treasurer and SAP project director at Janus Funds. ''In addition, the implementation went smoothly, and the system was brought up on time.''
About SAP
SAP is a market and technology leader in client/server enterprise application software, providing comprehensive solutions for companies of all sizes and all industry sectors. Cultivating innovative technologies on a solid foundation of business experience, SAP delivers scalable solutions that enable its customers to continually improve upon best business practices. SAP products empower people to respond quickly and decisively to dynamic market conditions, helping businesses achieve and maintain a competitive advantage.
Founded in 1972, SAP is based in Walldorf, Germany, and employs more than 12,000 people at offices in more than 40 countries who are dedicated to providing a high level of support and service for the more than 12,000 installations of R/3 worldwide. SAP's World Wide Web site can be found at sap.com .
SAP, R/3, TeamSAP, AcceleratedSAP and all SAP product and service names herein are trademarks or registered trademarks of SAP AG. Other product and company names herein may be trademarks of their respective owners.
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More Quotes
and News:
Allied Irish Banks PLC (NYSE:AIB - news)First Chicago NBD Corp (NYSE:FCN - news)SAP AG (OTC BB:SAPHY - news)
Related News Categories: banking, computers
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