WALLDORF, Germany, Sept. 26, 2016 /PRNewswire/ -- SAP SE (NYSE:
SAP) announced today that Klarna, one of Europe´s leading payment
providers for online stores, has become the first customer to go
live with smart accounting for financial instruments (smart AFI), a
new functionality based on the SAP® Bank Analyzer set of
applications, 9.0 release. In just three months SAP implemented the
solution including accounting rules configuration, data integration
and a full setup of the SAP HANA® database environment, proving
that up-leveling market and product growth does not have to be a
long and arduous process.
Smart AFI helps Klarna retain a competitive edge by offering a
centralized subledger solution to allow for rapid expansion into
new regions and differentiated product offerings. With this SAP
solution Klarna is able to run a fully compliant accounting
solution for its business according to International Financial
Reporting Standards (IFRS) and U.S. GAAP standards while laying the
foundation for a centralized accounting, reporting and compliance
process. SAP used a "banking factory" approach, pulling in business
and technical experts who closely collaborated with development
teams on built-in solutions and architectures. Those experts have
remained available to Klarna as resources long after the
implementation went live.
"Our growth necessitated a centralized accounting system, one
that gave us visibility across regional lines of business," said
Max Fischer, vice president, Klarna.
"We were concerned that getting that visibility would take a
substantial amount of time and resources, but with SAP we were able
to do it in only three months and with zero lag time in operations.
It's had a positive impact on our business."
Built on the structure of SAP Bank Analyzer 9.0, smart AFI is a
subledger for financial instruments that integrates directly into a
company's accounting documentation chain. Smart AFI replaces the
classic AFI as the new flagship of the accounting engine in SAP
Bank Analyzer, developed and optimized for SAP HANA. The subledger
can handle multiple GAAP policies, making it a smart choice for
those companies that operate across geographies. For this project,
the smart AFI system from SAP drastically reduced implementation
times and cost by simplifying accounting processes, reducing data
volume and boosting the speed of business processes.
"The opportunity to partner with Klarna on this work was
incredibly exciting for us," said Reto
Sager, global head of services for Financial Services
Industries, SAP. "We now know that good business outcomes don't
always have to be tied to multiyear, multimillion-dollar projects.
We learned that monumental change can happen in a short amount of
time when there's trust, close collaboration and a commitment to
delivering the best technology and expertise."
For more information, visit the SAP News Center. Follow SAP on
Twitter at @sapnews.
Media Contacts:
Birgit
Dolny, +49 (6227) 7-61664, birgit.dolny@sap.com, CET
Jill Fisk, FleishmanHillard, +1
(617) 692-0529, jill.fisk@fleishman.com, EDT
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SOURCE SAP SE