SAP Rolls Out SAP S/4HANA-Based Subledger
Earlier in January, SAP announced its new SAP S/4HANA for financial products subledger. Aimed at handling the complex regulatory and reporting requirements for financial institutions, insurance companies, and fintech companies, the subledger uses a central data hub for information between operational and finance systems.
Regulatory changes like IFRS 9 and 17 have added new wrinkles to maintaining compliance, and operational data models between operations and finance have become increasingly fragmented. The new solution aims to ease those challenges via a multi-GAAP accounting engine that enhances accounting capabilities and centralizes rules for financial instruments and insurance contracts, paving the way for cost reductions and easier reconciliation.
“This solution supports sophisticated multi-GAAP valuation and accounting concepts,” Luka Mucic, CFO and member of the Executive Board of SAP SE, said in a press release. “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.”
Explore related questions
Premium
