Rapid Deployment Jumpstarts Bank’s Adoption of International Financial Processing Standards
China — SAP, Accenture and Lenovo have announced the go-live of the first phase deployment of SAP for Banking solutions at China Everbright Bank, one of China’s leading financial institutions. The solutions will help integrate China Everbright Bank’s new core banking system and support the bank as it continues to optimize its credit risk management and financial accounting processes.
Carried out in collaboration with Accenture and Lenovo, the implementation marks the end of the first phase of China Everbright’s ongoing strategy to streamline its financial processes in order to accelerate growth, increase its competitive edge in the Chinese market and pave the way for its entry into the global financial services sector. The announcement was made at the “Achieving a Win-Win Situation through Perfect Collaboration” conference, held in Beijing Kerry Center Hotel on Sept. 27, 2004.
The implementation project, which was signed in December 2003, comprises mySAP™ ERP; SAP’s tool for analytics, financials, human capital management, operations and corporate services; and industry-specific applications available in the SAP for Banking solutions. The next phase of the deployment of SAP for Banking is targeted to be implemented by the end of 2004.
“Our challenge was to find a solution that could offer innovative functionality to help us adopt international-standard best practices while taking into account the realities of the Chinese market,” said Wu Qing, vice president, China Everbright Bank. “SAP was chosen as the vendor as we believed it has a world-leading solution. Coupled with an excellent implementation team from Accenture and Lenovo, the financial management of our 300 branches can now be centralized to meet the demands of our business requirements.”
Encompassing general ledger, accounts receivable and payable, asset management, cost center and profit center accounting, internal orders and compensation the implementation is designed to help China Everbright Bank standardize its financial processes and better manage costs. SAP® solutions aim to help the bank achieve its goal of leveling out its hierarchical structure and empowering its business entities. This will help maintain corporatewide visibility and increase operational efficiency while separating back office and front office activities—a popular accounting method internationally, which the bank is now pioneering in China.
“Through the deployment of SAP solutions, China Everbright Bank is taking a leading role in exploring how IT can help financial services providers in China align their business to match global accounting and reporting standards,” said Klaus Zimmer, president, SAP Greater China. “This deployment is targetted to help China Everbright to build on its pioneering role in China’s financial services industry and expand its footprint in the international financial market.”
With the application of best practices from SAP’s longstanding industry experience as well as a multi-module simultaneous implementation approach, it was possible to complete phase one of the implementation for ERP in less than six months. Detailed planning, effective project management and training and SAP’s collaboration with Accenture, Lenovo and China Everbright’s project management teams were additional favorable factors.
The China Everbright engagement is one of the first joint efforts of the financial services alliance announced last year between Accenture and SAP.
“One of the cornerstones of Accenture’s work in China is to help banks and other financial organizations leverage the best technology in order to achieve operational excellence and high performance in their business and financial processes,” said James Wong, a partner in Accenture’s Financial Services practice in China. “Through the cooperation with SAP and Lenovo, it is our objective to help China Everbright Bank to optimize its processes and consolidate its management systems and infrastructures–preparing it to meet the requirements of the global financial market.”
“Companies in China are increasingly aware of how technology can help them improve their business processes and align them with global standards,” said Li Jinsong, general manager of finance industry, Lenovo. “Being a part of the implementation of SAP solutions at China Everbright has therefore enabled us to continue to drive this vital development in China.”
About China Everbright Bank
Together with other financial organizations such as Everbright Securities Company Limited, Sunlife Everbright Insurance Company Limited, China Everbright Bank is part of the China Everbright Group, a core state-owned enterprise under the jurisdiction of the central government. Based in Beijing, the China Everbright Group is focused on the financial sector, mainly involved in banking, securities, insurance and investment management. At the end of 2002, the total assets of the group amounted to RMB360 billion yuan with 97% of those in financial assets.
Accenture is a global management consulting, technology services and outsourcing company. Committed to delivering innovation, Accenture collaborates with its clients to help them become high-performance businesses and governments. With deep industry and business process expertise, broad global resources and a proven track record, Accenture can mobilize the right people, skills, and technologies to help clients improve their performance. With approximately 100,000 people in 48 countries, the company generated net revenues of US$11.8 billion for the fiscal year ended Aug. 31, 2003. Its home page is www.accenture.com.
Financial Application Business (FAB) Department is a business unit of Lenovo Computer System Service Ltd. Co. which provides total solutions, products and service for the financial sector. FAB has successfully built many enterprise application systems in Banks, Security and Insurance, accumulating experience in designing, developing, implementing application system especially in the banking sector. At present, Financial Application Business Department has many experts and consultants, who know the business requirements of banking customers in China. FAB has accomplished many projects in banking sector, has strong developing ability, many application software products, and comprehensive project management systems. These advantages assure the success of projects in banking sector. FAB has deep partnerships with international companies such as IBM, HP , SUN ,CISCO ,NORTEL etc.
SAP is the world’s leading provider of business software solutions. SAP® solutions are designed to meet the demands of companies of all sizes—from small and midsize businesses to global enterprises. Powered by the SAP NetWeaver™ open integration and application platform to reduce complexity and total cost of ownership and empower business change and innovation, mySAP™ Business Suite solutions are helping enterprises around the world improve customer relationships, enhance partner collaboration and create efficiencies across their supply chains and business operations. The unique core processes of various industries, from aerospace to utilities, are supported by more than 25 SAP industry solutions. Today, more than 23,400 customers in over 120 countries run more than 79,800 installations of SAP® software. With subsidiaries in more than 50 countries, the company is listed on several exchanges, including the Frankfurt stock exchange and NYSE under the symbol “SAP.” (Additional information at )