In a joint statement Deutsche Bank & SAP (the multinational software development and consulting firm based in Walldorf, Germany) announced plans to start a ‘multi year initiative in 2010’ to replace individual software solutions with a new core banking system based upon SAP for Banking Solutions. The announcement follows a letter of intent agreed between the two organisations; financials for the project have yet to be disclosed.
In the statement Deutsche Bank said ‘The SAP implementation shall underpin the bank\’s strategy to push for a high degree of industrialization and standardization of processes. The bank is looking to achieve greater flexibility in its IT infrastructure, building on standardized, modular SAP software functions within a service-oriented-architecture (SOA). The new core banking system shall comprise partner data, payments, account management and savings applications.’
Hermann-Josef Lamberti, Chief Operating Officer at Deutsche said that “Information Technology is a business driver and catalyst. It ought to be flexible, cost-efficient and scalable in order to support business growth. We are looking forward to shaping the industry and setting new standards to manage processes and services even more consistently and efficiently with a new core banking system. SAP\’s solution portfolio offers the core banking functionality to improve our effectiveness at all levels.”
The news is yet another sign that firms are beginning to regain confidence and are prepared to invest significant amounts of money in large scale development projects once more, especially in Banking, one of the hardest hit sectors during the downturn. The positive news follows the announcement yesterday by the Office of National Statistics (ONS) that the United Kingdom has officially emerged from recession with economic growth of 0.1% in the final quarter of 2009.
Consulting in Europe
Much of the new development project will be in Germany, one of the primary European markets for highly skilled SAP Consultants. If you are a highly skilled professional interested in consulting throughout Europe Commonwealth Contractors may be able to help you. We are able to provide solutions for:
- UK Nationals who are interested in working on projects in Germany, Belgium, the Netherlands & the Republic of Ireland. UK Nationals need to consider the tax implications of working in a foreign country especially if they have a Contractor Limited Company in the UK. One Man Limited Companies are considered to be tax resident wherever company management and control are physically present, and since the rest of Europe pays more in tax and social security on the whole than the UK it is a good idea to make sure everything is in order before signing off on a long term contract.
- UK Work Visa Holders who are keen to deliver services throughout the European Union while in possession of a UK Work Visa such as a Tier 1 General Visa or Tier 2 Visa (formerly UK Work Permit).
For more information call Commonwealth Contractors now on 0330 390 9021 or Submit your details now and we will get right back to you.