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JPMorgan Chase Selects SAP as an Integral Part of Financials Technology Platform |
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BOSTON, Mass. - May 18, 2005 - SAP AG (NYSE: SAP) today announced that JPMorgan Chase & Co. (NYSE: JPM) has selected mySAP™ ERP as part of the bank’s long-term plan to improve its finance platform. The announcement was made at SAPPHIRE® ’05, SAP’s international customer conference, being held in Boston, Massachusetts, May 17 - 19.
JPMorgan Chase, which has assets of nearly $1.2 trillion, serves millions of consumers in the United States and many of the world’s most prominent corporate, institutional and government clients.
“Consolidating all of our domestic ledgers onto a single platform simplifies our operating model and reduces our expenses,” said Scott Pankoff, chief technology officer of Global Finance Technology, JPMorgan Chase. “The SAP® solution will help us better analyze our financial and business performance.”
“Our new partnership with JPMorgan Chase demonstrates that leading financial services enterprises are turning to SAP to help them move toward standardized software to gain operational excellence,” said Bill McDermott, president and CEO, SAP America, Inc. “We are delighted to partner with such a prominent and respected global institution such as JPMorgan Chase and look forward to making a strong contribution to its success.”
About SAP for Banking
SAP for Banking is an industry solution that combines mySAP™ Business Suite solutions and tailored functionality to meet the unique demands of financial institutions. With more than 550 customers in 60 countries worldwide, SAP for Banking provides an integrated set of tools and automated processes to manage every aspect of the front- and back-office banking environment—from high-volume transactional banking processes and customer relationship management to financial accounting, cost controlling and profitability and risk analysis. Based on the open architecture of the SAP NetWeaver™ integration and application platform, SAP for Banking helps companies expertly manage transactions and relationships across the institution to quickly identify and exploit market opportunities and easily tailor new products to the specific needs of individual customers.
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