Infosys Finance Transformation Solution for Financial Services
Guest post by
Giriraj Somani, Industry Principal, Infosys
The FSI industry is under severe stress to achieve risk-weighted profitable growth, address changing regulatory compliance and accounting requirements, continue business growth by providing products at the right price and value to customers and enhance employee productivity through higher automation and simplified reconciliation.
However due to fragmented finance, risk and performance management systems, FSI industry has limited visibility on analytical accurate reconciled data to enable them to react on market trends. To help FSI industry to meet their objectives and overcome their knowledge barrier, Infosys has developed a Finance Transformation Solution consisting of Oracle products and various accelerators and services.
Infosys Finance Transformation solution addresses FSI needs through initiatives like simplified reconciliation, integrated risk and finance, product costing, strategic finance planning, scenario analysis with inbuilt advance analytics for ease of strategic decision making. Solution will provide following capabilities:-
- A single source of truth for finance, risk management and enterprise performance management
- A common reference data model for enterprise applications
- Single point of reconciliation
- A simplified IT architecture to support an end-to-end process from sub-ledger to external reporting.
The solution has built in processes, ability to integrate across applications and an enhanced data model on top of the standard out-of-box functionalities provided by Oracle products. The integrated solution approach meets the demands of a streamlined reconciliation process, changing compliance needs and is supported by the strong reporting framework. Solution leverages lot of Oracle products for e.g. Oracle General Ledger, Oracle Financials Accounting Hub (FAH), Oracle Hyperion Performance Management Applications (HFM), Oracle Business Intelligence Enterprise Edition (OBIEE) and Oracle Financial Services Analytical Application (OFSAA) which are integrated with our own FinRecon tool.
Few of solution features:-
- Provides a comprehensive, modular and concept-to-implement reporting framework with a common language of finance and risk by utilizing scalable, flexible and unified meta-data sharing computation across different applications
- Has an improvised OFSAA data model to include attributes required for Oracle FAH data processing to provide the single source of truth for different reporting
- Has in built integration of FinRecon with Oracle FAH and OFSAA to enable 3way reconciliation
- Has enhanced functionalities within Oracle FAH to achieve superior level of operational efficiency particularly with respect to reconciliation and period close
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