Guest Blog by Ashish Gupta Principal Consultant FSORC
Financial Accounting Hub (FAH) is the latest buzzword in FSI Industry,
especially in the Banking sector. Most of the banks, across geographies, are
looking to replace their traditionally old accounting engines and are looking
at Oracle FAH for the same. The banking industry is constantly evolving due to
intense competition and increasing complexity of business; adapting to latest
technologies is a must for survival.
FAH is an
accounting platform that integrates with product systems to create accounting journals
in general ledgers (e.g. Fusion, E-Business Suite, PeopleSoft etc.). FAH
standardizes accounting from various external applications and meets accounting
standards and principles. FAH acts as a central repository of accounting rules
for non-oracle sub-ledgers. Accounting journals are created with transparent
rules, validated and stored in auditable format and in a single location. FAH
increases the internal controls, makes reconciliations with product systems
more efficient and meets diverse accounting requirements. This rules engine
will convert transaction information from external applications to create precise,
thorough and auditable accounting entries to meet Statutory Compliances, Accounting
Principles and Management reporting needs.
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Oracle Financial Accounting Hub in Banking Industry