SAP Banking Solution Working for Bank One Corporation; Implementation Will Be One Of The Most Comprehensive SAP Banking Projects In The World.NEWTOWN SQUARE, Pa.--(BUSINESS WIRE)--July 27, 1999--
SAP America, Inc. (NYSE NYSE
See: New York Stock Exchange : ADR ADR - Astra Digital Radio SAP) today announced that BANK ONE CORPORATION is productive on the SAP(TM) Banking(TM) solution for its legacy systems replacement at First Chicago NBD NBD Next Business Day
NBD National Bank of Dubai (United Arab Emirates)
NBD No Big Deal
NBD Network Block Device (Linux)
NBD Nucleotide Binding Domain
NBD New Business Development , which was acquired by BANK ONE.
BANK ONE, the nation's fifth largest bank holding company, plans to roll out the SAP Banking solution, specifically with the SAP Strategic Enterprise Management/Profit Analyzer component, to the rest of the corporation by the end of the year.
"Our vision is to have our finance organization provide valuable, strategic analysis and information to the rest of the organization, and SAP was the only company to provide an integrated system across the important functional areas that will help us realize our vision," said Robert Rosholt, Bank One's chief financial officer. BANK ONE CORPORATION was formed by the merger of First Chicago NBD and BANC [French, Bench.] The location where a court customarily or permanently sits.
When a court is sitting in banc (or en banc), it means that a meeting or session of all the judges of a court is taking place. ONE in October 1998.
"The financial services The examples and perspective in this article or section may not represent a worldwide view of the subject.
Please [ improve this article] or discuss the issue on the talk page. environment is growing exponentially more competitive with each new twist in the marketplace; mergers and acquisitions, the adoption of the Euro, and expanding global business opportunities are just a few of the factors that must be taken into consideration when planning for the future," said Kevin McKay, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. and president of SAP America. "Through continually improving our core applications and leveraging the Internet within that context, SAP provides financial services firms of all sizes with the tools and strategies necessary to thrive in this dynamic industry."
The implementation of the SAP Profit Analyzer component complements the original SAP software solution used in the bank, which began in 1997 with introduction of core SAP R/3 applications including general ledger General Ledger
A company's accounting records. This formal ledger contains all the financial accounts and statements of a business.
The ledger uses two columns: one records debits, the other has offsetting credits. , accounts payable, accounts receivable accounts receivable n. the amounts of money due or owed to a business or professional by customers or clients. Generally, accounts receivable refers to the total amount due and is considered in calculating the value of a business or the business' problems in paying , purchasing, fixed assets fixed assets npl → activo sg fijo
fixed assets npl → immobilisations fpl
fixed assets fix npl → , cost accounting and allocations, and capital projects.
"We put a time frame around being productive on the SAP Banking Profit Analyzer solution for January, 1999 reporting, and we've hit that goal," Rosholt said. "The subsequent mergers that we have participated in since we initiated the project at First Chicago have created more challenges, such as inefficiencies dealing with multiple systems, completing manual-intensive work and operating old legacy systems. Once the system is in place across our entire organization, we will be able focus more on strategic analysis, and spend much less time gathering the data."
"Bank One is in the midst Adv. 1. in the midst - the middle or central part or point; "in the midst of the forest"; "could he walk out in the midst of his piece?"
midmost of completing one of the most comprehensive implementations of the SAP Banking solution in the world," said John Macdonald John Macdonald may refer to:
SAP Banking Profit Analyzer Shows Early Results
The SAP Banking Profit Analyzer solution consolidated three old legacy profitability platforms, some of which were not Year 2000 compliant a. 1. (Computers) having dates fully and properly represented, and not susceptible to failure due to the year 2000 bug. , into one integrated platform. The new SAP solution created a common view into customer profitability Customer profitability (CP) is the difference between the revenues earned from and the costs associated with the customer relationship in a specified period.
According to Philip Kotler,"a profitable customer is a person,household or a company that overtime,yields a revenue , including the product organization, for its larger commercial customers.
Early into the productive phase, Bank One is already seeing improvements including:
- a defined common catalog of products - easier and more timely availability of information - easy "point-and-click" drill down capabilities - for example
looking at a variance and dissecting dis·sect
tr.v. dis·sect·ed, dis·sect·ing, dis·sects
1. To cut apart or separate (tissue), especially for anatomical study.
2. it in terms of company,
product, and customer, and significantly easier extracts of data
and linkages to spreadsheets. The ability to rotate and analyze
across multiple dimensions will transform gatherers of
information into real analysts. - a clearer audit trail - less paper moving across the company - more transparency from sources
BANK ONE is using the funds transfer pricing Funds Transfer Pricing (FTP) is a process used in banking to measure a funding source's contribution to overall profitability. External links
"The SAP software solutions will allow us to standardize on one methodology," said Craig Coit, Bank One's senior vice president of finance systems. "Previously, with multiple systems and methodologies, an organizational unit In computing, an Organizational Unit (OU) provides a way of classifying objects located in directories, or names in a digital certificate hierarchy, typically used either to differentiate between objects with the same name (John Doe in OU "marketing" versus John Doe in OU "customer or a product looked good on one system but not on another. It's difficult to analyze the business and make effective decisions in that mode. The SAP Banking solution will allow a common understanding across the entire bank."
Return on the Basics
With the initial implementation of the core SAP R/3 applications by First Chicago NBD, which occurred prior to its merger with BANK ONE, the Chicago-headquartered bank realized significant savings, including $16 million in Year 2000 remediation work.
First Chicago NBD also replaced five general ledger systems with one from SAP, moving to a common chart of accounts that supports external regulatory reporting and controls. The management reporting function is now performed within the SAP Profit Analyzer or the SAP Controlling component.
This allows the general ledger to be more streamlined, while the SAP Profit Analyzer and the SAP Controlling components provide for more robust reporting and data drill down capabilities into organizational, product and customer profitability.
"More people have access to information they need on a daily basis," said Eric Harris Eric Harris may refer to:
Bank One currently has 2,000 users on the system, which is running a UNIX operating system Noun 1. UNIX operating system - trademark for a powerful operating system
UNIX, UNIX system
operating system, OS - (computer science) software that controls the execution of computer programs and may provide various services on Hewlett-Packard hardware. SAP worked closely with the bank throughout the implementation, and Computer Sciences Corporation provided additional resources, focusing primarily on hardware, architecture, integration and consulting on all components.
PricewaterhouseCoopers also provided assistance with the SAP Profit Analyzer implementation.
About SAP Financial Services
SAP America helps banks, insurance companies, investment firms and other financial services institutions to achieve a better return on their information, by providing them with functionally rich, user-friendly tools for core operations, strategic enterprise, customer relationship, investment, human resources The fancy word for "people." The human resources department within an organization, years ago known as the "personnel department," manages the administrative aspects of the employees. , treasury and business/cash management, and related reporting.
Armed with integrated solutions from SAP Financial Services, an institution can convert its enterprise data into targeted products, reduce time-to-market, enable a more customer-focused environment, profile risk/reward scenarios, streamline transaction processing Updating the appropriate database records as soon as a transaction (order, payment, etc.) is entered into the computer. It may also imply that confirmations are sent at the same time.
Transaction processing systems are the backbone of an organization because they update constantly. , and increase productivity, with the goal of enhanced profitability.
SAP, the world's largest inter-enterprise software company, provides companies of all sizes with business solutions that deliver A Better Return on Information (SM). SAP products and services integrate an organization from financial and human resources to manufacturing and sales and distribution.
This integration enables companies to optimize supply chains, strengthen customer relationships, and make more accurate management decisions. Founded in 1972, SAP today leverages a global network of people, processes and products to assure customer success.
SAP is listed on several exchanges including the Frankfurt stock exchange Frankfurt Stock Exchange
The largest of Germany's eight securities exchanges, operated by Deutsche Borse AS. and NYSE under the symbol "SAP." The SAP World Wide Web site can be found at http://www.sap.com.
About Bank One
BANK ONE CORPORATION (NYSE:ONE) is the nation's fifth largest bank holding company, with assets of $250 billion. Bank One offers a full range of financial services to commercial and business customers and consumers. It is a major commercial bank in the U.S. and in selected international markets. Information about Bank One can be accessed at www.bankone.com.
SAP, R/3, SAP Banking, A Better Return on Information and all SAP product and service names referenced herein are trademarks, registered trademarks or service marks of SAP AG. Other product and company names herein may be trademarks of their respective owners. (c)Copyright 1999, SAP AG.