New SAP® Solution Helps Banking Institutions Meet Financial Reporting Requirements

[Liaquat Ali]

SAP today announced a new rapid-deployment solution that integrates reporting processes of International Financial Reporting Standards (IFRS) and Financial Reporting (FINREP) to meet new European Banking Authority (EBA) FINREP requirements and the impending July 1, 2014 deadline. The SAP® Financial and Regulatory Reporting for Banking rapid-deployment solution, packaged to deploy within weeks, enables banks to more closely integrate FINREP with IFRS reporting, which supports compliance through an aligned financial and regulatory reporting platform. To meet the upcoming FINREP requirements and to ensure accurate and compliant financial reports, banks are forced to act quickly. SAP experts worked with Deloitte Consulting to expedite FINREP and IFRS reporting support, bringing together their expertise in regulatory reporting for banking and the SAP® Financial Consolidation application to develop the new rapid-deployment solution that can be implemented in as little as six weeks. With this new rapid-deployment solution, banks can streamline the majority of the new reporting requirements in the same application and gain a competitive edge through time and resources saved. Strong data quality and process automation benefits help customers deliver highly reliable IFRS and FINREP figures consistently faster.