Financial services software provider Sap Fioneer has launched the Fioneer Financial Control solution to minimise accounting costs.
This new solution leverages a connection with S/4HANA, SAP’s ERP software platform, in order to help reduce the costs of finance operations and closing processes while minimising the manual labour required for financial reporting and closing. Fioneer Financial Control is an extension of the standard software solution SAP Financial Product Sub Ledger (FPSL). What makes this solution stand out is that it was designed to avoid data replication.
The launch comes in the context of financial services institutions requiring more efficiency and speed when closing processes and publishing financial numbers. Fioneer Financial Control allows these institutions to increase their efficiency when executing finance and compliance operations by daily managing reconciliation, intraday corrections and adjustments as well as conducting a proven substantiation process.
The solution was launched in Boston as part of the SAP & SAP Fioneer Financial Services Forum 2023, and it was created in partnership with Standard Chartered as part of a Co-Innovation project. Fioneer Financial Control will become available in April 2023, and it will be deployable in two ways, namely on-premise and in a private cloud.
In the company press release, SAP Fioneer representatives highlighted the need for accounting and finance departments to manage data in new and efficient ways. They also talked about Fioneer Financial Control and how it can help these departments to navigate the increasingly complex accounting environment.
In June 2022, Sap Fioneer partnered with the Bank of London to transform and simplify global clearing and transaction banking. Through this partnership, SAP Fioneer’s Cloud for Banking platform (C4B) is integrated with The Bank of London's API thus offering a fully integrated real-time, friction-free compliance, clearance, settlement, and payments solution designed to service banks, corporates, and fintechs. The solution was designed to provide a quicker connection to payment schemes in the market, and it went live in October 2022.
The Bank of London is the UK's second clearing bank authorised in the last 250 years. Its technology platform works as a foundational building block for the economic infrastructure of the future. This new solution uses a combination of The Bank of London's patented technologies complemented by SAP Fioneer’s scalable cloud banking platform.
Founded in 2021 as a joint venture between the global technology company SAP and private equity firm DEDIQ, SAP Fioneer’s aims to build the next generation of financial services software and platforms. The company has offices and operations around the world, with a particularly strong presence in Europe, North America, Latin America, and Asia-Pacific.
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