The FINANCIAL -- In future KfW Bankengruppe will use SAP Financials in the accounting process.
In its financial architecture the promotional bank is switching to standard software, thus consistently continuing the IT modernisation agenda launched in 2011. SAP, in particular the "Bank Analyzer" module, will be used from 1 January 2015 – in parallel with the introduction of the new international financial reporting standard IFRS 9 – to prepare the bank's annual financial statements.
KfW and SAP AG have concluded the contracts for the use of the SAP software as of 1 July 2012. Supported by a network of long-term SAP partners, both KfW and SAP will closely cooperate in the software introduction. Besides the required licences, the contracts also cover specialised advisory services relating to SAP software products. In this way KfW wants to ensure that already at an early stage of the software introduction the right course is set for an efficient and sustainable financial architecture. As KfW reported, the SAP advisors will be integrated in the KfW project teams and will support the initiative from its launch and through the productive rollout. Up to now KfW has been carrying out its accounting process using software developed further in-house.
"With the introduction of SAP Financials we reach a further milestone in the modernisation of our IT," said Klaus Neumann, head of the IT department at KfW, on the occasion of the contract signing. "In one of the most important internal business processes of the bank we are opting in future for a standard market software solution. We expect this to bring us investment security as well as strong future viability, also in terms of the increasing regulatory requirements."
A SAP support team will actively support the introduction of the software and will provide on-site technical assistance. "Our customers should be able to implement new SAP technologies easily, quickly and according to their needs," explained Hartmut Thomson, Managing Director, SAP Deutschland AG & Co. KG. "With our SAP ActiveEmbedded service we support them in meeting complex challenges and through close cooperation offer fast and concrete benefits from their investment measures."