Simplify accounting for financial products
This solution is designed for the complex regulatory and reporting environment facing today's banks and insurance firms. It helps simplify IT complexity by consolidating data silos and creating a central hub for managing data between operational and finance functionality in SAP S/4HANA.
Overview
Meet the requirements of a complex regulatory and reporting environment
Produce multiple reconciled valuations for financial products, simplify IT complexity by consolidating data silos and creating a central hub for managing data between operational and finance systems, deliver on regulatory requirements, and improve decision support and business insights.
Take advantage of an industry-leading in-memory-computing SAP HANA platform
Get a highly-simplified digital core for your business and the flexibility and speed to swiftly comply with evolving regulatory environments, along with real-time access to insights, and scalable system memory using a multi-node configuration without having to compromise on high-end performance.
Use State-of-the-art and intuitive interfaces
These interfaces make all the information from the financial products sub-ledger required for closing accounting periods readily available for reporting. Using built-in tools, you can model future scenarios and simulate how they would affect the balance sheet and profit and loss statement.
Details
Solution type
Extensions and Add-ons
Industry
Banking, Insurance
Compatibility
Works with
Features
Offers a Unifying, End-to-End Accounting Process Model
The comprehensive accounting process model enables valuations in multiple currencies, follows a central and delta GAAP approach, and uses suspense accounting to efficiently handle error situations, ensuring completeness and bringing financial accounting and controlling together.
Centralizes Data and Rules for Data Transparency
The solution centralizes all accounting data and rules for financial instruments and insurance contracts, unburdening product systems from accounting and controlling tasks. This significantly reduces costs.
Supports Suspense Accounting
The financial products subledger's suspense-accounting concept provides the means to ensure the basic accounting requirement of completeness to efficiently handle incorrect/incomplete configuration in the subledger and source data that does not match the configuration in the subledger.
Plans and pricing
Private edition for insurance
Centralized accounting rules engine and specialized calculators for insurance contracts
Multicurrency accounting
Scalable data model optimized for hyperscale clouds
Smooth integration with the general ledger in SAP S/4HANA and the ability to connect other general ledgers as well
IFRS17 Accounting
Price upon requestCentralized accounting rules engine and specialized calculators for insurance contracts
Multicurrency accounting
Scalable data model optimized for hyperscale clouds
Smooth integration with the general ledger in SAP S/4HANA and the ability to connect other general ledgers as well
IFRS17 Accounting
Private edition for banking
Convert business transactions and imported target values into journal entries
Use of several accounting standards simultaneously (multi-GAAP accounting)
FX Accounting
Suspense accounting and manual postings to manage erroneous entries in line with auditing requirements
Predefined integration with General Ledger Accounting in SAP S/4HANA to post into the universal journal and to reuse master data from SAP S/4HANA
Imported subledger document enrichment
Use of posting values for reporting purposes
Includes 1000000 Accounting Documents Per YearUSD 41.00- USD per Accounting Documents
- Minimum contract 3 years
Convert business transactions and imported target values into journal entries
Use of several accounting standards simultaneously (multi-GAAP accounting)
FX Accounting
Suspense accounting and manual postings to manage erroneous entries in line with auditing requirements
Predefined integration with General Ledger Accounting in SAP S/4HANA to post into the universal journal and to reuse master data from SAP S/4HANA
Imported subledger document enrichment
Use of posting values for reporting purposes
Includes 1000000 Accounting Documents
Technical Information
| Solution type | Extensions and Add-ons |
| Category | Accounting and Financial Close |
| Industry | Banking, Insurance |
| Works with |
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The following information is provided by the publisher and applies to the latest app version available on the SAP Store. SAP does not control these policies and procedures; the publisher is solely responsible for the accuracy of the provided information.
| Deployment |
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Resources
Future-proof accounting and financial steering
Customer success story - Munich RE
SAP Fioneer Product Description
SAP Fioneer Finance Platform explained
Publisher
SAP Fioneer GmbH
End-to-end solutions for banking and insurance: Banking - reach more customers and build trust with real-time financial insights and risk control. Join over 800 banks globally who have chosen our platform. Insurance - accelerate digital insurance processes to meet customer expectations and create new revenue streams by connecting easily to the ecosystem. Finance & ESG - establish a single source of truth for profitability and turn compliance into your advantage using our integrated finance & ESG platform.
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