SAP Extends Product Portfolio to Help Financial Services Companies Solve New EU Regulatory Reporting Challenges
SAP acquires plug-in solution packages from cundus AG addressing FinRep / CoRep and Solvency II reporting requirements
To better help clients meet European Union (EU) regulatory challenges, SAP AG (NYSE: SAP) today announced it is acquiring software solutions from Duisburg-based cundus AG. The new solutions bolster SAP’s end-to-end portfolio to address financial services regulatory reporting requirements in Europe.
Until now, banks and insurance companies have struggled to keep up with the constantly changing European regulatory landscape. SAP’s new offerings will resolve this issue by ensuring clients can comply with the dynamic and continuously-evolving report taxonomy mandated by the European Banking Authority (EBA) and the European Insurance and Occupations Pensions Authority (EIOPA). By bringing together all regulatory needs to one platform, SAP will help clients increase operations efficiencies and reduce costs.
“SAP is excited by the addition of the new solutions from cundus to our existing portfolio,” said Falk Rieker, global head of IBU Banking, SAP. “Our long-term partnership with cundus allows SAP to better meet our clients’ needs. The newly added solutions deliver a powerful but simple user experience which allows our customers to focus more on their core business objectives instead of spending unnecessary time navigating the constantly changing regulatory environment.”
Companies across the euro zone have an urgent need for the new product as the delivery date for report submissions is rapidly approaching. The acquired package consists of three solutions that operate as a plug-in to SAP’s Disclosure Management application to address CoRep and FinRep reporting requirements for the EBA and the Solvency II Pillar 3 reporting requirements for the EIOPA. SAP will help companies meet the eXtensible Business Reporting Language (XBRL) requirements and it will implement periodic software maintenance to update requirements as regulators revise and release new mandates.
The acquisition is seen as a major step forward in providing integrated regulatory solutions for SAP. “cundus was successful at solving the complex regulatory challenge and offered comprehensive report templates and XBRL solutions within four weeks after the EBA and EIPOA announcements,” said Barbara Lix, board member of cundus AG “The combination of cundus’ regulatory reporting solutions with SAP, the industry’s leader in real-time enterprise software, will allow us to deliver a world-class reporting experience for every customer in the financial services industry.”
This is the second time in three years SAP has acquired solutions from cundus. The first acquisition came in 2011 when SAP bought the Disclosure Management platform which has now been complemented with the business content offering to address the new EU regulatory requirements.
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About cundus AG
cundus AG is one of the leading consultancies in the German, European, and North American markets for tailored, demand-oriented solutions in the fields of business intelligence (BI), corporate performance management (CPM), external and regulatory reporting, and XBRL. Since its foundation in the year 2000, cundus has amassed a track record comprising more than a thousand successful customer projects. Its international clientele includes some 20 companies listed on the DAX, many other large customers and renowned upper-midmarket businesses, and financial supervisory authorities in Germany and greater Europe. The company currently employs approximately 220 people.
As market leader in enterprise application software, SAP (NYSE: SAP) helps companies of all sizes and industries run better. From back office to boardroom, warehouse to storefront, desktop to mobile device – SAP empowers people and organizations to work together more efficiently and use business insight more effectively to stay ahead of the competition. SAP applications and services enable more than 258,000 customers to operate profitably, adapt continuously, and grow sustainably. For more information, visit www.sap.com.
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