SAP Fioneer Launches Innovative Solutions for FSIs


Financial Services Institutions (FSIs) have long been at the forefront of technological disruption and the need to keep up with digital innovation, cloud technology, and process automation has never been more important. In this ever-evolving landscape, SAP Fioneer is leading the way with its revolutionary solutions designed to meet the needs of financial services companies.

Introducing Fioneer Financial Control

This month, SAP Fioneer announced the launch of Fioneer Financial Control — a cutting-edge solution that leverages SAP’s ERP software platform, SAP S/4HANA, to reduce costs and minimize risks associated with financial closing and reporting. By following the single source of truth concept on the S/4HANA platform, Fioneer’s integrated solution eliminates data replication in order to increase efficiency and accuracy.

The main benefit of this technology is its ability to drastically accelerate closing processes and make it easier for FSIs to publish financial numbers faster. This offers immense value in an industry where timing can often be critical. Moreover, by managing reconciliation on a daily basis as well as intraday corrections and adjustments – FSIs are able to decrease manual labor associated with financial operations while ensuring accuracy in their reports and compliance operations.

Commenting on the launch of the solution at the SAP and SAP Fioneer Financial Services Forum 2023 in Boston, SAP Fioneer Chief Executive Officer Dirk Kruse shared:

“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.

SAP Fioneer Financial Control was developed as part of a co-innovation project with Standard Chartered Bank and will be available as of April 2023 both on-premise as well as through private cloud deployment options.

“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,” SAP Fioneer Managing Director Finance and Risk Frank Hammann said in a statement.

SAP Fioneer Embedded Finance as a Service (EFaaS)

Alongside SAP FIoneer Financial Control, SAP also launched “Fioneer Embedded Finance as a Service” (EFaaS), an industry-first business-to-business (B2B) embedded finance platform facilitating orchestration between SAP users and FSIs. The service connects FSIs directly to SAP ERP processes allowing them to develop tailored embedded finance solutions that fit their corporate clients’ needs within one centralized platform. 

SAP Fioneer Managing Director of Banking Charlie Platt believes that by bridging the gap between banks and their corporate customers, financial institutions will be able to better meet the requirements in a modern trade environment and stand out in a highly competitive business landscape.

“With our platform, banks can now directly connect to their clients’ ERP system processes, bringing the two closer together,” Platt added.   

Embedded finance is becoming increasingly popular across industries due to its capability to place financial products within non-financial business processes or eCommerce platforms without any disruption or effort from customers. According to recent estimates, embedded finance accounted for nearly $2.6 trillion USD worth of transactions in 2021 alone — with projections predicting that number could reach over $7 trillion globally by 2026.

SAP Fioneer CEO Dirk Kruse also shared that businesses look for seamless banking experiences in their end-to-end processes and B2B transactions. He explained that embedded finance provides new opportunities for handling complex business models in a digitized, data-driven commerce landscape.

“The launch of our EFaaS platform addresses these challenges, showcasing our ability to provide reliable, world-class financial technology in a scalable, adaptable, and open platform,” Kruse remarked.

With EFaaS, businesses can easily embed financial solutions into their business operations without having any technical experience or prior knowledge about coding or web development languages – creating seamless transaction flows for customers while also increasing cash flow visibility for businesses themselves as well as reducing overall costs associated with running these services.

SAP Fioneer is proving to be a leader in the financial services industry with their innovative solutions Fioneer Financial Control and Embedded Finance as a Service (EFaaS). These cutting-edge technologies are designed to reduce costs, minimize risks associated with financial closing and reporting, provide easier access to tailored embedded finance solutions for FSIs’ corporate clients, and increase the efficiency and accuracy of transactions while also reducing manual labor.

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