United Bank of Switzerland (UBS) is collaborating with software house SAP on the development of an account management application for the automated processing of customer cash accounts. The finished product will be marketed to large multinational banks worldwide.
SAP and UBS say the jointly developed application will be the first Web-enabled, multinational, open-standards software solution to address the core business functions of large banking institutions, including the management of customer accounts and interest calculations. The application will aim to standardise the handling processes across a banking network, say the partners, enabling banks to optimise customer transaction processing through automation and centralisation. At UBS, the finished product will manage more than 8 million customer cash accounts.
The new application will be eventually be marketed to other banks as a modular component of the mySAP Banking solution. It will manage a bank's customer cash accounts, process the accounts periodically and provide information concerning the receivables and payables between the bank and third parties, including the calculation and delivery of bank statements and balance notifications.
Under the agreement, UBS will be the pilot customer for the new solution, replacing part of its existing back office software. UBS says the new mySAP Banking applications will play a central software role in its Strategic Solution Program (SSP), a coherent information technology platform designed to fulfill its key multinational business requirements.