SAP Fioneer, a leading global provider of financial services software solutions and platforms, has announced the launch of Fioneer Financial Control. Leveraging the unique connection to S/4HANA, SAP’s ERP software platform, the solution reduces the total cost of accounting, finance operations and closing processes significantly while minimizing risks and manual labor associated with financial closing and reporting.
Fioneer Financial Control is an extension of the standard software solution SAP Financial Product Sub Ledger (FPSL) and developed as one integrated solution that follows the single source of truth concept on the S/4HANA platform. The solution is designed to increase efficiency by avoiding data replication. With financial services institutions (FSIs) facing high expectations to accelerate closing processes and publish financial numbers faster, Fioneer Financial Control provides a solution which is fit for purpose. It accelerates and simplifies this process, enabling FSIs to execute finance and compliance operations with increased speed and accuracy by managing reconciliation on a daily basis, intraday corrections and adjustments as well as conducting a proven substantiation process.
The solution was launched at the SAP & SAP Fioneer Financial Services Forum 2023 in Boston and has been developed together with Standard Chartered as part of a Co-Innovation project: Through the co-innovation approach, customers can actively shape future solutions which fit their purpose, shorten the time to value and ultimately becomes SAP Fioneer standard software.
Frank Hammann, Managing Director Finance and Risk at SAP Fioneer, said: “There is a strong need for accounting and finance departments to manage data in a way that enables efficient processes both now and in the future. Built as a centralized end-to-end solution deeply integrated with FPSL and the General Ledger, Fioneer Financial Control will be an important building block of their success in an environment that is getting more complex to navigate.”
“Continuing our growth story, we are delivering on our promise to enable financial services organizations to innovate and elevate their processes through rock-solid standard software. Financial Control significantly accelerates and simplifies financial closing”, Dirk Kruse, CEO of SAP Fioneer, commented on the launch.
Fioneer Financial Control can be deployed on premise as well as in the private cloud and will be available as of April 2023.