Bank of America will further integrate and enhance the its internal reporting systems with an ERP system.
The ERP system, provided by SAP, includes features to support the bank's long-term financial systems requirements, including:
- Enabling a unified, global financial management process
- Providing a flexible operating model to quickly respond to changing regulatory mandates and shifts in the marketplace
- Incremental enhancement packages without comprehensive system upgrades
"As our company has grown, so has the size and complexity of our technology infrastructure," said Milton Jones, Bank of America's finance services executive.
"SAP will help streamline and simplify our financial systems, support timely analytics and provide better process insights to drive more effective business decisions," said Jones.
News of the Bank of America deployment comes as SAP and Microsoft form an association to help banks move towards a service orientated architecture (SOA).
The association is backed by other technology suppliers and banks, including Deutsche Bank, Credit Suisse, ING, Deutsche Postbank, Standard Bank and Zürcher Kantonalbank.
The new Banking Industry Architecture Network has the aim of helping banks ease the transition to an SOA by gathering together a community of firms that will openly share domain and technical expertise to apply SOA principles and methodologies.
In employing these principles, banks globally will be able to better respond to changing customer needs, and reduce risk and cost of re-engineering legacy systems towards a more flexible operational environment, said SAP.
"Credit Suisse sees the creation of this association as a significant milestone for not only ourselves, but for the industry as a whole," said Claus Hagen, head of integration architecture at Credit Suisse.
"The association will create an open environment of members that begins with an idea and takes it all the way through to execution," he said.