SAP SE (NYSE: SAP) announced today that Commerzbank is now live with an integrated set of finance and risk solutions powered by the SAP Hana platform to create a digital business model.
As one of the largest banks in Germany, with €533 billion in assets and 51,300 employees worldwide, Commerzbank is working with SAP to digitally transform its operations for connected line-of-business transactions, simplified closing processes and regulatory compliance.
With the SAP® Bank Analyzer set of applications, including the SAP Accounting for Financial Instruments application, Commerzbank is now able to close its monthly books significantly faster, and the bank has digitized production for all lines of business, including retail, commercial and investment banking. This results in continual compliance with German GAAP and International Financial Reporting Standards (IFRS) regulations.
“On the background of a constantly changing regulatory environment, it has become increasingly important to maintain consistent accounting data for reporting across global regions and lines of business,” said Frank Annuscheit, chief operating officer, Commerzbank. “SAP is supporting Commerzbank in fostering a digital business model that helps us gain efficiencies.”
Commerzbank is now live with more than 70 percent of its balance sheet running on SAP Bank Analyzer and SAP Accounting for Financial Instruments, both powered by SAP HANA. The implementation helps Commerzbank to run reports more easily and simply, accelerate its closing processes and maintain compliance.
Required to provide regular reports to regulatory bodies such as the European Banking Authority, BaFin, Deutsche Bundesbank and others, Commerzbank trusts SAP to support the accuracy of accounting and financial data. SAP solutions, based on the in-memory computing technology of the SAP HANA platform, process massive quantities of data quickly to deliver precise reports in real time that help the bank satisfy its regulators in addition to its customers.
“The scalability and processing power of SAP HANA are huge for multinational corporations like Commerzbank, which have to cater to many different audiences at the same time,” said Luka Mucic, Member of the Executive Board of SAP SE, chief financial officer and chief operating officer, SAP SE. “The digital transformation goals of large banks demand comprehensive solutions that address a multitude of requirements across the entire organization. We are delighted to support Commerzbank in its digital enterprise journey, and we look forward to our ongoing collaboration.”