UBS Warburg, the investment banking arm of Swiss financial services company UBS, has just completed the implementation of a streamlined financial reporting system across its London-based offices.
The General Global Ledger (GGL) system went live in UBS Warburg's London offices last week. The system comprises SAP R/3, an in-house financial datawarehouse and an enterprise application integration package, developed by OST Business Rules.
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Using an open client-server architecture, the system is based predominantly on Unix servers with a Windows NT front-end.
Due to mergers and acquisitions, UBS Warburg found itself running well over 1,000 systems worldwide and needed to bring its global accounting systems on to a common platform.
"Historically we had very regional and location oriented accounting systems, yet the business was moving to global operation," explained Simon Walkden, chief architect for IT financial control at UBS Warburg. "We wanted to bring all locations onto a common business process on an advanced single platform."
The bank was also looking to support organic growth and growth by acquisition, and to refocus on its core business processes.
By using the OST software to integrate GGL with its front- and back-office settlement systems, UBS Warburg was able to reduce its 40 end-point ledger systems down to a single system. It was also able to convert information from upstream systems into accounting entries, said the bank.
Jeremy Wood, director and co-founder of OST Business Rules, said one of the central aims of the project was to move the bank to a position where it could consolidate its financial data.
"The aim was to have access to the profit and loss, and balance sheet accounts on a daily basis, giving the bank much tighter financial control," he said.