Economics

Deutsche Bank Bases New Core Banking System on SAP

  2010 FEB 12 - (VerticalNews.com) -- Deutsche Bank and SAP AG (NYSE:SAP) announced that the bank plans to start a multi-year initiative in 2010 to replace individual software solutions in its home market by a new core banking system based on SAP® for Banking solutions. A letter of intent has already been signed by the bank and SAP Deutschland AG & Co.KG. Financials have not been disclosed.

  The SAP implementation shall underpin the bank's strategy to push for a high degree of industrialization and standardization of processes. The bank is also looking to achieve greater flexibility in its IT infrastructure, building on standardized, modular SAP software functions within a service-oriented architecture (SOA). Using SAP software, Deutsche Bank aims to boost efficiency and profitability as well as to accelerate time to market in rolling out new products and services to even better serve the bank's clients. The new core banking system shall comprise of partner data, payments, account management and savings applications.

  "IT is a business driver and catalyst. It ought to be flexible, cost-efficient and scalable in order to support business growth," said Hermann-Josef Lamberti, Deutsche Bank's Chief Operating Officer. "We are looking forward to shaping the industry and setting new standards to manage processes and services even more consistently and efficiently with a new core banking system. SAP's solution portfolio offers the core banking functionality to improve our effectiveness at all levels."

  "The initiative at Deutsche Bank is a significant achievement for SAP, proving our strength in the banking space and our expertise to address their business demands," said Leo Apotheker, CEO, SAP AG. "Leading banks globally are looking to SAP to help them better position themselves in the market using IT that will help them gain a competitive edge."

  Keywords: Banking System, Economics, Finance, Financial, Investing, Investment, SAP Ag, Software.

  This article was prepared by VerticalNews Economics editors from staff and other reports. Copyright 2010, VerticalNews Economics via VerticalNews.com.