Oracle Corporation, the world`s largest enterprise software company, today announced that JPMorgan Chase plans to implement an integrated, global financial accounting system leveraging the Oracle E-Business Suite.
The Oracle software will be deployed globally by JPMorgan Chase`s Finance organisation, as part of a multi-year programme to reduce costs and improve efficiencies by automating and streamlining management reporting processes.
According to Matthew Kibby, senior account manager, financial services at Oracle South Africa, local banks with offshore operations are looking to implement a similar approach. "A standardised financial system goes a long way to solving a number of issues facing banks today. Corporate governance is a lot easier to enforce with a standardised system, return on software investment is more easily measured, the system is simpler to administer and therefore less costly in the long-term, and large financial solutions such as Oracle have business best practice built into them."
"The Oracle product set provides us with `straight out-of-the-box` core financial applications that are designed to handle our challenging volumes," said Mark Coughlan, JPMorgan Chase chief technology officer for finance. "That should result in freeing up our Finance professionals so they can concentrate on providing more value-added services to our partners in the lines of business."
JPMorgan Chase initially plans to install the Oracle software, covering the Americas, Europe/Middle East and Asia, and will leverage the Web capabilities of the Oracle E-Business Suite to allow access from all of the firm`s offices around the globe.
"JPMorgan Chase was looking for a cost-effective way to capture, update, and distribute financial data," said Anthony Fernicola, Oracle group vice-president, financial services. "The Oracle E-Business Suite can provide just such a solution."
Share