Commerzbank live on SAP HANA for finance and risk management
Commerzbank is now live with an integrated set of finance and risk solutions powered by the SAP HANA platform.
SAP says the bank has more than 70% of its balance sheet running on SAP Bank Analyzer and SAP Accounting for Financial Instruments.
It adds that Commerzbank is able to close its monthly books “significantly faster”, and the bank has digitised 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.
Frank Annuscheit, COO at Commerzbank, says due to the “constantly changing” regulatory environment it has become “increasingly important to maintain consistent accounting data for reporting across global regions and lines of business”.
Commerzbank is required to provide regular reports to regulatory bodies such as the European Banking Authority, BAFin, Deutsche Bundesbank and others.
This latest go-live is part of the bank’s digital transformation strategy.
It reported a $1.2 billion profit in 2015, from $266 million profit in 2014.
Stephan Engels, CFO at Commerzbank, said adoption of digital technology is proving “invaluable”.
He said the bank increased its loan volume by 12% since 2012, “clearly outperforming” the market, and highlighted the introduction of a new multilingual online portal and cash management app.