Synchronized Finance and Capital Optimization with SAP Banking.

 Dear,

Global debt and weak economic growth, as a consequence of the depletion of fossil energy sources and other critical resources, will make the new structural environment of capital scarcity visible in a few months.

In an environment of capital scarcity there is no higher priority than optimizing it, and that need to optimize capital will bring about the redesign of banking business processes.

The consumption of capital is a direct consequence of risk (market risk and counterparty risk) and optimizing capital is nothing more than a synonym for reducing risk.

Risk is reduced by sharing and integrating relevant information through business processes. SAP founders understood this, and the ability of SAP systems to do so has made them the market leader over the last 30 years.

For example, the comparative analysis of the sales forecast and the actual sales provides the basic information to determine the Safety Stock, and with an accurate estimation of the Safety Stock level, companies hedge against the risk of losing sales. If the organization improves its forecast using multivariate statistical analysis techniques, with data collected from external sources of information, or by implementing consensus forecast processes with its main customers, it reduces its risk of losing sales.

Technically, these hedging techniques reduce the cost of capital (opportunity cost due to lost sales, reputational cost or obsolescence costs of the inventory), as a non-payment insurance reduces the cost of capital due to credit risk. Furthermore, the cost of implementing and incentivizing the use of these processes is analogous to the cost of the insurance premium. But even more, the risk of suboptimal implementations of these processes is analogous to the risk of wrongly choosing financial instruments and their suppliers.

But the real economy business process improvement, provided by SAP best practices over the past 30 years, has not been accompanied by a similar improvement in the solvency and liquidity allocation processes.

Pressure for cost reduction and service level competition has brought a new paradigm that seeks the synchronization of logistics processes, among the multiple agents of the value chain. Vendors collaborate with manufacturers, retailers, logistics providers, sharing information through the value chain for synchronizing demand and supply times and quantities, considering all the constraints of the value chain.

Banks have remained outside of these collaboration networks, not because of a lack of incentive, but because of their inability. They simply lack the know-how, technology and processes to do it. This is a great weakness but also an opportunity for the players capable to implement the new paradigm in Financial Services as it is a key driver in Capital Optimization.

All business processes consume and generate capital and liquidity, although they do so after a period of maturity of the process. And it is precisely for this reason that they require the financial system to cover capital and liquidity needs in periods of shortage and investment opportunities in periods of surplus.

Capital and Liquidity synchronization requires measuring the capital and liquidity position of the companies at different temporary horizons, and allocating capital and liquidity (financial instruments) according to their distribution in the business processes through different time horizons.

To do this, we must start by expressing the events of the real economy in terms of generation and consumption of solvency and liquidity, so that, when integrating them into business processes, measure the shortage or surplus of capital and liquidity of the process in each time horizon . Adding the capital and liquidity position of all the processes in the different time horizons, we will know the shortage or surplus of capital and liquidity of the organization in each time horizon.

Finally, by adding the processes of other subsidiaries of the group and even partners and suppliers, we will be measuring the shortage or surplus of capital and liquidity of all of them, opening the gate to collaboration scenarios, in which some processes provide capital and liquidity or opportunities for investment to other processes on the same network.

Making an analogy, it is something similar to the Vendor Managed Inventory Collaboration processes (typical of logistics), but exchanging financial instruments (loans, deposits and derivatives) instead of stock replenishments.

We are working on presenting our system to the market, and looking for business partners and investors, if you are interested do not hesitate in contacting me at ferran.frances@capitency.com

Looking forward to reading your opinions.

Kindest Regards,

Ferran Frances.

www.capitency.com

Join the SAP Banking Group at: https://www.linkedin.com/groups/92860

Visit my SAP Banking Blog at: http://sapbank.blogspot.com/

Let's connect on Twitter: @FerranFrancesGi

Ferran.frances@capitency.com

SAP Banking and Capital Optimization in a world of Capital scarcity.

 Dear,

Although many economists deny it, the economic growth experienced by humanity in the last 200 years has not capitalism as its main factor, but access to cheap and abundant energy brought about by the industrial revolutions.

With the oil shocks of the 1970s, growth weakened and the system had to turn to debt as a resource to boost the economy. For this reason, at the beginning of the 1990s a process of deregulation of the financial system began, which allowed the limits established after the great depression of 1929 to be exceeded.

The 2008 crisis showed us that the seams of the financial system were beginning to unravel due to the unpayable debt. In order to continue turning the wheel of growth, public funds were transferred to cover private losses (TARP), the cost of capital was artificially reduced with the quantitative easing cycles and the use of shadow banking was encouraged. The price to pay has been an artificial stability of the financial system that is more leveraged than ever, but in which in theory, banks are well capitalized. In reality, the overleverage of the counterparties has undercapitalized the entire system, so that the solvency of the banks is fictitious, but another long decade of economic growth has been enjoyed.

The obsession to generate nominal returns while ignoring the cost of capital, a fundamental characteristic of a volume-oriented financial system, has inflated the largest financial bubble in the history of capitalism, with ramifications in the Chinese real estate sector, the US shale oil industry, cryptocurrencies and some more that we will discover soon.

The objective of all this effort to squander resources, until confronting the physical bases of growth, was to lengthen the mirage a little more, whatever the cost.

Congratulations to everyone, we are already close to the limits that the planet can support. And now what?

Now we face multiple and critical challenges; the energy transition, the climate crisis and the transformation of the financial system.

Why has the transformation of the financial system become critical and urgent?

Economic growth is strongly coupled with energy consumption, as we mentioned before, the stages of strong economic growth have required abundant and cheap energy.

But the energy transition and the climate crisis are reducing the availability of energy, so it is reasonable to think that they will reduce economic growth.

And the lower economic growth has as a consequence a lower generation of capital that, together with the excess of debt, has brought about a new economic environment characterized by the scarcity of capital.

If capital is scarce, the main driver of the financial system should be capital optimization.

That is easy to say but very complicated to implement, the proof is that there are not many concrete proposals in this regard.

As the Second Principle of Thermodynamics indicates, optimizing a resource requires reducing the degrees of freedom of the system that consumes it (entropy) and that can only be done by incorporating information.

The practical application of this principle to the management of business processes is the work of the Israeli Physicist Eliyahu M. Goldratt With his Theory of Constraints, Dr. Goldratt taught us how to optimize the consumption of tangible capital (production capacity, transport, storage, etc.).

Since 2008 I have worked on translating the Theory of Constraints to the optimization of intangible capital (solvency and liquidity), based on postulates analogous to those of Dr. Goldratt.

I have been a SAP consultant for 30 years and I have seen how it has transformed multiple industries by integrating business processes, establishing a data and process model that has become a "de facto standard".

This standardized data and process model has reduced the operational costs associated with integration, facilitating the optimization of tangible capital.

Optimizing solvency and liquidity requires integrating the provision of financial services with the processes of the non-financial economy, establishing a common language between both worlds.

In other words, it requires modeling the events, assets and liabilities of the non-financial economy in terms of generation and consumption of solvency and liquidity. This is exactly what we have done for the last 12 years.

With this information, and using standard SAP Banking tools, our system proactively proposes financial instruments that cover solvency and liquidity deficits in a business process. Additionally, it offers investment opportunities to processes that generate solvency and liquidity surpluses. All of this, adjusting the risk weighted investment yield, with the aim of reducing the solvency and liquidity consumption of the system.

Making an analogy, it works like the inventory models managed by the supplier, typical of logistics, but offering financial services instead of restocking products.

We are working on presenting our system to the market, and looking for business partners and investors, if you are interested do not hesitate in contacting me at ferran.frances@capitency.com

Looking forward to reading your opinions.

Kindest Regards,

Ferran Frances.

www.capitency.com

Join the SAP Banking Group at: https://www.linkedin.com/groups/92860

Visit my SAP Banking Blog at: http://sapbank.blogspot.com/

Let's connect on Twitter: @FerranFrancesGi

Ferran.frances@capitency.com

Weak Economic Growth, Capital Scarcity and Capital Optimization with SAP Banking.

Dear,

In recent months, as the world economy reactivated after the COVID-19 shock, we have seen rapid growth in energy prices.

During the industrial era, economic growth has been coupled with energy consumption. If this trend continues, and nothing suggests that it will break, the decrease in energy availability, either due to the depletion of natural sources, or the need to fight against climate change will weaken economic growth.

https://edition.cnn.com/2021/10/26/business/gas-prices-energy-crisis-schwarzman/index.html

As, in addition, excess debt reduces the capital available in the Financial System, we find ourselves in a new structural environment of capital shortage.

Capital is the most important resource of the Financial System, if we are in a new environment of capital scarcity the priority of the Financial System is and it will be capital optimization.

If you do a search in Google of the type "banking capital optimization" you will find many entries explaining the importance of optimizing capital, but there is not much documentation describing the steps of a capital optimization process. I will try to do it briefly in this blog.

1) The first step in a Capital Optimization process is measuring accurately the Capital consumed in every market segment that the bank is exposed to.

This is the main value proposition of the Integrated Financial and Risk Architecture of SAP Bank Analyzer.

Bank Analyzer – Credit Risk module will calculate the Risk Weighted Assets of every contract, every risk exposure of the bank’s portfolio, and consequently the Regulatory Capital consumed.

Once we know the Capital consumed by every Contract/Exposure, we can aggregate the Capital consumed according to the analytical dimensions that we have defined in the Bank Analyzer-Results Data Layer, and consequently we will know the Capital consumed in every market segment in which the bank operates.

Alternatively, the SAP Bank Analyzer Credit Portfolio also gives us the Economic Capital consumed by market segment, and all the complementary parameters to the Capital consumed.

2) The second step in a Capital Optimization process is the efficient assignment of Collaterals to exposures for reducing the Risk Weighted Assets and the Capital consumed.

The assignment of Collaterals to Exposures is not always a static assignment. The 1 to 1 assignment of a Collateral to an exposure is just the trivial case, but it’s usual that several (n) exposures are assigned to several (m) collaterals.

In case (n) exposures are assigned to (m) collaterals there’s an Optimal Distribution of the Collateral portions to the Exposures, which reduces the Risk Weighted Assets, and consequently the Capital consumption. This is the basis of the Dynamic Management of Collaterals that we discussed in a previous blog, and we will analyze again in a future one.

https://sapbank.blogspot.com/2012/09/capital-management-chapter-v-dynamic.html

The Bank Analyzer – Credit Risk Module has strong capabilities for the Optimal Distribution of Collaterals to Exposures in the Level 2 of the Calculation of the Risk Weighted Assets. These capabilities look at the Probabilities of Default and Exposures at Default of the Exposures and the Collateral Values, adjusting efficiently the assignment of Collateral portions to Exposures.

3) The third step of a Capital Optimization process is maximizing the Bank's profit reducing the Capital Consumed. Every market segment has a potential expected profit, and every market segment has a potential Expected Loss, and consequently a potential Capital Consumption.

Optimizing Capital means identifying the market segments with higher Expected Profit weighted by the Expected Capital consumed of the market segment.

This is the most difficult element of a Capital Optimization process, because it requires a double-synchronized simulation, looking for a solution which minimizes the Risk Weighted Assets maximizing the Expected Profit.

This optimization engine is still not available, but the Integrated Financial and Risk Architecture of Bank Analyzer has been designed for having an Integrated and Reconcilable vision of Risk and Accounting (Profit).

The IFRA is the technical foundation for running cycles of simulation that Capital Managers should run for achieving the Optimal Planning of the bank’s portfolio, reducing the RWA and maximizing at the same time the expected Profit.

Finally, the future will require the automatic calculation and simulation of banks investments, for proposing the Optimal Sales and Execution planning of the Bank. I’ve personally worked in some of these models, by adapting the Theory of Constraints to portfolio management.

These simulations require very strong computing capabilities, but this is the value that SAP HANA provides for solving the problem.

Looking forward to reading your opinions.

K. Regards,

Ferran.

www.capitency.com

Join the SAP Banking Group at: https://www.linkedin.com/groups/92860

Visit my SAP Banking Blog at: http://sapbank.blogspot.com/

Let's connect on Twitter: @FerranFrancesGi

Ferran.frances@capitency.com

Capital Scarcity and Capital Optimization with SAP Banking.

Dear,

As some of you know, I have mentioned in previous messages that the banking system is facing a systemic transformation, from a model based on Volume to a model based in Efficient Management of Capital.

Two forces are moving the financial system towards a new environment of capital scarcity; global debt, the highest in the history of capitalism, and weak economic growth.

There are many estimations of the Global Debt, you can find a very detailed one on the IMF website.

https://www.imf.org/external/datamapper/datasets/GDD

Weak economic growth is coming as a consequence of the energy and other natural resources scarcity, including climate change, and threatened natural environment.

Ultra Expansive monetary policies of the central banks are still maintaining liquidity of the capital markets but they are also exacerbating the rise of energy and natural resources prices.

Some people are warning that the economy is falling in an inflationary cycle; I disagree.

Although they are inflated by the monetary policies, current prices rise have the shape of an external shock, but they will not produce an inflationary crisis. Actually, as we already saw in the 2008 financial crisis, they will trigger a capital crisis.

Sustaining the inflationary cycle requires that demand can respond to offering prices rise, increasing its buying capacity. But this is not possible because automation and robotization are pushing salaries down, and global debt also prevents increasing demand capacity by borrowing funds.

As the prices rise we will see demand destruction that will stabilize prices, but with a constrained offering and demand. This means less economic activity and consequently weaker capital generation.

In this new environment we have to find processes and technology for optimizing capital. I have spent most of my professional career looking at SAP technology capacity for capital optimization. You can find some of what I have written about the topic by google “SAP Banking capital optimization” (without quotes).

SAP has always been about capital optimization. By making information available through the Supply Chain, companies have been able to increase level of service and reduce inventory, production and transportation costs (optimizing tangible capital).

Same principle applies for solvency and liquidity optimization. I discovered this in 2008 and I started to work on the integration of the processes of the real economy with the financial economy. This integration provides the information for reducing risk and optimizing solvency. As most of the real economy business processes are run on SAP, the answer of how to integrate the financial and non-financial economy was easy.

Since then I have been working on modeling the business processes of the real economy in terms of capital and liquidity consumption and generation. This is the same logic followed by the SAP Integrated Financial and Risk Architecture for Financial Instruments (Securities and Over the Counter), but there is no reason for doing the same with non-financial business processes (Sales and Purchase Orders, Forecasts, Production Orders, etc.).

As we have the complete view of the Capital and Liquidity position and evolution of the company, we can proactively provide Financial Instruments for covering capital and liquidity gaps or investment opportunities for capital and liquidity surpluses. For those of you who are familiar with the concept of Supply Chain management it is a similar concept, but instead of replenishing goods (tangible capital), the system provides solvency and liquidity, with the objective of reducing the capital consumption of the system.

Optimizing capital means improving the margin weighted by capital consumption, or in other words, including the cost of capital in the margin calculation.

Calculating the cost of capital requires a holistic vision of the business processes because it spreads on them. But it also looks at the expected future maturity of the investment, consequently requires integration between planning and execution.

Only SAP can offer this holistic vision and that’s why SAP Banking will be the leader in capital optimization when its value proposition is fully understood.

We are working on presenting our system to the market, and looking for business partners and investors, if you are interested do not hesitate in contacting me at ferran.frances@capitency.com

Looking forward to reading your opinions.

Kindest Regards,

Ferran Frances.

www.capitency.com

Join the SAP Banking Group at: https://www.linkedin.com/groups/92860

Visit my SAP Banking Blog at: http://sapbank.blogspot.com/

Let's connect on Twitter: @FerranFrancesGi

Ferran.frances@capitency.com

Event Based and Real Time Capital Optimization with SAP Banking.

Dear,

The high performance technology of S4 HANA has made possible the elimination of many SAP intermediate tables and the development of the SAP Simplification initiative in S/4HANA.

A great improvement is the new concept of Event Based Accounting which permits the valuation of assets (including Work in Process) at the time of the Event without having to wait until the end of Period close.

Event Based Accounting Revenue Recognition (Event Based Accounting) is possible as a consequence of the integration of Analytical and Financial Accounting into the Universal Journal, with the Object Cost being part of the Coding Block, instead of being spread amongst multiple Financial and Analytical Accounting Tables.

This is an architectural design that opens the door to extend all the Accounting reporting needs to one flexible coding block, providing the foundation for a consistent single source of the truth which does not require complex reconciliation processes to guarantee the validity of the results.

As SAP Financial Products Subledger integrates directly with the Universal Journal of S/4HANA, Event Based Accounting improves the capabilities for the Financial Reporting of a Bank or Insurance Company.

For instance, the Costs of a marketing Campaign, collected in an Marketing Internal Order, can be evaluated in Real Time, simplifying the End of Period processes. As the Universal Journal has become the Single Source for Accounting, also for the Accounting of Financial Instruments, it reduces the complexity of the Bank’s Accounting and Disclosure processes.

Developing an Event Based Accounting for Financial Instruments presents other challenges. Financial Instruments valuation requires estimation of future Cash-Flows, Market Data, Credit, Liquidity and Market Risk adjustments, Collaterals and Exposures evaluation. But until the equivalent functionalities of Event Based Accounting are available for Financial Instruments, having a Single Source of Truth for Financials in the Universal Journal is a major advantage in the preparation of the Financial Statements.

The SAP HANA In-Memory Computing performance supports General Ledger line items reporting possible, so we can build reports on all the provided attributes stored in the Universal Journal without having to replicate the data to Business Information Warehouse or any other aggregated repository.

This integrated architecture increases traceability, facilitating the revenue recognition analysis, from accounting postings to commitments and other operational events.

With the integration offered by the Universal Journal we get for all postings of the SAP subledgers (Assets Management, Financial Instruments, Projects, Sales, Materials, etc.), with its costs, revenues, and revenue recognition postings, including the option for multi-currency accounting.

Additionally, the S/4 HANA and FPSL architecture provides parallel valuation capabilities with parallel ledgers.

As the Financial System has to be transformed from a model based in volume to a model based in Capital Optimization, it requires to track the flows of Capital consumption. All these capital consumption flows are already in SAP systems, speaking SAP language. The only alternative is that the financial system “speaks” the same language in order of tracking the capital consumption flows. This is what SAP professionals call “Integration”.

The last 11 years our team has worked in modelling all the economic events and business flows represented in the SAP systems of the Real Economy, in terms of Capital and Liquidity consumption and generation. With this information, our systems measure how to offer Financial Instruments for covering Capital and Liquidity gaps or investing Capital and Liquidity surpluses, optimizing the Capital and Liquidity consumption of the system. 

We are working on presenting our system to the market, and looking for business partners and investors, if you are interested do not hesitate in contacting me at ferran.frances@capitency.com

Looking forward to reading your opinions.

Kindest Regards,

Ferran Frances.

www.capitency.com

Join the SAP Banking Group at: https://www.linkedin.com/groups/92860

Visit my SAP Banking Blog at: http://sapbank.blogspot.com/

Let's connect on Twitter: @FerranFrancesGi

Ferran.frances@capitency.com

Dynamic Collateral Management and Capital Optimization with SAP Banking.

 Dear,

Capital is the most critical resource of the Financial System. In the last decades, due to excess debt and weak economic growth, Capital has become very scarce.

According to the European Banking Authority, European banks face a 135 billion euro capital shortfall.

https://www.reuters.com/article/eu-banks-regulator/eu-watchdog-says-banks-face-135-billion-euro-capital-shortfall-idINL8N2433U3

While other sources warn that the capital shortfall of the European banks could be 600 billion euro.

https://www.spglobal.com/marketintelligence/en/news-insights/latest-news-headlines/eurozone-banks-may-face-8364-600b-capital-shortfall-in-systemic-crisis-8211-economists-59238561

If Capital is scarce, the most critical activity of the Financial System is Capital Optimization and this is driving the transformation of the Financial System, from a model based in Volume to a model based in Efficient Capital Management.

One of the most effective techniques in Capital Optimization is Dynamic Management of Collaterals, let me give you a brief description of the concept.

A classical method for Risk Mitigation (Capital consumption reduction), recognized by all the Basel agreements and solvency regulations, is collateralization. Consequently, collateral rights are part of the Capital of an organization.

On collateral management we can follow two basic approaches.

• Static Collateral Management. The Bank has an exposure (receivable or asset) and requires a collateral right for hedging the Default Risk of the exposure. Normally, the higher the exposure, the higher the collateral that the Bank will require. The collateralization degree will be determined by the difference between the amount of the Exposure and the value of the collateral.

• Dynamic Collateral Management. On the other hand, according to the Basel agreement, Capital consumption (solvency) does not depend directly on the Bank’s exposure, but on the Bank’s exposures “weighted” but the exposures’ risk. Consequently collateralization degree depends on the risk of the exposure, and it changes (dynamically) with it.

The difference on the above approaches has relevant consequences for Capital Management.

In the first case, collateralization does not depend on the exposure’s risk (rating), but only on its size (the risk of the collateral value is somehow considered if we update the collateral value regularly), while in the second approach the risk of the exposure is integrated on the Risk Weighted Assets Calculation and consequently on the collateralization degree.

The second approach is more sensitive to risk and permits a more efficient management of the Collateral, and consequently, the Solvency and Capital.

This is particularly useful when a group of collaterals is covering a group of exposures; determining the most efficient distribution of the collaterals to the exposures reduces the capital consumed which is the foundation of the Dynamic Management of Collaterals, one of the main Capital Optimization techniques.

The last 11 years our team has worked in modelling all the rights, obligations, assets, liabilities, economic events and value flows represented in the SAP systems of the Real Economy, in terms of Capital and Liquidity consumption and generation. With this information, our systems measure how to offer Financial Instruments for covering Capital and Liquidity gaps or investing Capital and Liquidity surpluses, optimizing the Capital and Liquidity consumption of the system.

We are working on presenting our system to the market, and looking for business partners and investors, if you are interested do not hesitate in contacting me at ferran.frances@capitency.com

Looking forward to reading your opinions.

Kindest Regards,

Ferran Frances.

www.capitency.com

Join the SAP Banking Group at: https://www.linkedin.com/groups/92860

Visit my SAP Banking Blog at: http://sapbank.blogspot.com/

Let's connect on Twitter: @FerranFrancesGi

Ferran.frances@capitency.com

Activity Based Capital Optimization with SAP Banking.

Dear,

Many economists agree that we are at the end of a Financial System model.

For instance, Larry Summers, 71st Secretary of the Treasury for President Clinton and the Director of the National Economic Council for President Obama, has described the current economic environment as "Secular Stagnation; a prolonged period in which satisfactory growth can only be achieved by unsustainable financial conditions”

http://larrysummers.com/2017/06/07/secular-stagnation/

For decades strong economic growth has made Capital abundant, but this started to change in the last decades of the last century when economic growth became weaker and global debt rose until becoming the highest in the history of capitalism.

                              Source: World Bank.

Excess of debt consumes Capital and weak economic growth prevents Capital generation, this is why Capital has become scarce, and Capital is the most important resource of the Financial System.

If Capital is scarce the priority is Capital Optimization and this is the driver of the New Financial System that will emerge from this crisis.

Capital Optimization requires maximizing the Return of Investments weighted by Capital consumption.

Capital consumption is directly proportional to the Risk Weighted Assets, this means that Optimizing Capital is synonymous with reducing the risk of the economic activities, and risk is always reduced by applying information.

 

As the economy becomes a Information based Economy, processes have become more important than tangible assets; you can look at the examples of Amazon, Google, Facebook, Netflix, etc.

In order to optimize the Capital consumed in a process we need to determine the value generated by the process, the assets we have to allocate to the process and the risk of suffering losses on the assets (tangible & untangible) allocated to the process.

The Activity Based Costing of the SAP Enterprise Core Components System, in combination with other SAP ECC modules like Profit Center Accounting, Production & Internal Orders, and specially with the multi-dimensional accounting capabilities of the Universal Journal of S4 HANA are an excellent starting point.

ABC Processes, Profit Centers and Orders support the tracking of value generation with sophisticated activity cost driver templates. At the end "activating" a cost is estimating the capacity of the process of generating value from the cost.

The estimation of the value generation is the first step on the Capital Optimization process.

The following step is estimating the risk exposure associated to the value generation. When we establish the link between the risk exposure and the value generation drivers, we will be in the position of reducing the coefficient of capital consumption for value generation (by allocating the information that will reduce the risk).

Processes of the Information economy come with enormous amount of data, this is growing every second  and it is growing much faster with the implementation of new technologies like the Internet of Things.

Not all the data have the same relevancy on reducing the capital consumption of the process and the objective is identifying the relevant data, structuring the data in relevant information and finally developing models for integrating the information in the process, reducing risk and consequently Capital Consumption.

For the last 12 years our team has analyzed business processes modeled in SAP System for modeling the cost drivers of these processes in terms of Capital consumption and generation.

With this information, we can optimize the expected profit of a business process, weighted by its Capital consumption, which is the objective of a Capital Optimization system.

Looking forward to reading your opinions.

Kindest Regards,

Ferran Frances.

www.capitency.com

Join the SAP Banking Group at: https://www.linkedin.com/groups/92860

Visit my SAP Banking Blog at: http://sapbank.blogspot.com/

Let's connect on Twitter: @FerranFrancesGi

Ferran.frances@capitency.com