Accenture (ACN) today unveiled the Accenture Finance Transformation Solution, a proven platform designed to help banks and insurance companies transform their finance operations.
Developed on the SAP HANA® platform, the Accenture Finance Transformation Solution supports efficient implementation of financial reporting capabilities and enables the creation of a consistent data model for accounting and consolidation of financial results. By providing pre-configured technical solutions for re-use, the solution reduces the number of days required for configuration and integration by 20 to 30 percent. SAP HANA also facilitates the solution's support of comprehensive application and database services.
"Financial services firms face extraordinary challenges related to profitability, complexity and new regulations in an uncertain economic environment. The Accenture Finance Transformation Solution helps them address those challenges as it implements new processes essential for swift and accurate closes; statutory, regulatory and management reporting; and other accounting, budgeting and reporting processes," said Steve Culp, senior managing director, Accenture Finance and Risk Services.
"Given the complexity of our finance operations and pressure to deliver strong financial analysis, the Accenture Finance Transformation Solution enables a more rapid implementation path and brings common processes tailored for our industry, which we can leverage to get through the implementation more quickly and with more confidence," said Anne-Cécile Hondeville, Chief Information Officer, Natixis Global Asset Management International. "The solution combines Accenture's global network of SAP experts as well as finance and accounting specialists that we need for fast and effective finance transformation.
The Accenture Finance Transformation Solution is a comprehensive technical solution that contains accounting, sub-ledgers, reporting and controlling systems designed for banking, insurance and reinsurance firms. Flexible and modular, it incorporates a full set of deliverables for all phases including business requirements, general and detailed designs, test documents, preparation for go-live, project management and change management. It also encompasses Accenture's extensive knowledge of financial process best practices including closing processes, descriptions of leading practices and overviews of information technology blueprints.
The platform is fully packaged for the financial services industry and is localized for different country environments. Components can be activated as required to address client needs, reducing the risks, implementation time and total cost of ownership of an integrated finance and accounting system.
"The Accenture Finance Transformation Solution is yet another example of the successful, decades-long partnership between SAP and Accenture, which has yielded many benefits in the delivery of SAP services for Accenture's clients," said Ross Wainwright, global head, Financial Services, SAP. "We believe this finance transformation solution for banks and insurers will accelerate and simplify transformation initiatives."
With Accenture Finance Transformation Solution implementations under way at several banking and insurance firms, Accenture and SAP are expanding their global alliance in an effort to create additional end-to-end solutions running on the SAP HANA platform and are currently developing joint offerings for treasury and liquidity risk management and intraday market risk reporting, among other areas.