CHARLOTTE, N.C., April 30 /PRNewswire-FirstCall/ -- SAP AG (NYSE: SAP) today announced that Bank of America Corporation (NYSE: BAC) has selected SAP(R) ERP to further integrate and enhance the bank's internal financial reporting systems. The enterprise resource planning (ERP) application, based on a scalable platform, will provide Bank of America with a comprehensive global operating system to improve efficiency and support continued growth.
CHARLOTTE, N.C., April 30 /PRNewswire-FirstCall/ — SAP AG (NYSE: SAP) today announced that Bank of America Corporation (NYSE: BAC) has selected SAP(R) ERP to further integrate and enhance the bank's internal financial reporting systems. The enterprise resource planning (ERP) application, based on a scalable platform, will provide Bank of America with a comprehensive global operating system to improve efficiency and support continued growth.
"As Bank of America's technology needs evolve, our suite of financial systems has the flexibility needed to manage future change and provide constant value," said Bill McDermott president and CEO, SAP Americas and Asia Pacific Japan. "SAP's scalable platform will also ensure a non-disruptive path to further integrate the bank's systems. Working together with Bank of America provides continued validation that banks are relying on SAP, and represents another significant milestone for SAP in the U.S. market."
The SAP ERP Financials solution includes unique features to support the bank's long-term financial systems requirements, including:
— Enabling a unified, global financial management process — A flexible operating model to quickly respond to changing regulatory mandates and shifts in the marketplace — Incremental enhancement packages without comprehensive system upgrades
"As our company has grown, so has the size and complexity of our technology infrastructure," said Milton Jones, Bank of America Finance Services executive. "SAP will help streamline and simplify our financial systems, support timely analytics and provide better process insights to drive more effective business decisions."
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About SAP(R) for Banking The SAP(R) for Banking solution portfolio provides banking-specific (transactional banking, CRM, risk management) and banking-relevant (financial accounting, human resources management, procurement) services and solutions created on a single enterprise SOA-enabled business process platform (BPP). With more than 600 customers in 60 countries worldwide, SAP for Banking provides an integrated set of tools and automated processes to manage every aspect of the front- and back-office banking environment — from high-volume transactional banking processes and customer relationship management to financial accounting, cost controlling and profitability and risk analysis. Based on the open architecture of the SAP NetWeaver(R) technology platform, SAP for Banking helps companies expertly manage transactions and relationships across the institution to quickly identify and exploit market opportunities and easily tailor new products to the specific needs of individual customers. (Additional information at http://www.sap.com/banking)
SAP is the world's leading provider of business software(*), offering applications and services that enable companies of all sizes and in more than 25 industries to become best-run businesses. With more than 47,800 customers in over 120 countries, the company is listed on several exchanges, including the Frankfurt stock exchange and NYSE, under the symbol "SAP." (For more information, visit http://www.sap.com)
(*) SAP defines business software as comprising enterprise resource planning and related applications.
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