Novo Banco Transforms Its Financial Core from Mainframe to the Cloud
Executive Summary
Timestamp delivered a financial transformation programme based on Oracle ERP Cloud, Oracle EPM Cloud and OFSAA, structured around three key pillars: financial management and consolidation, balance sheet planning and management, and profitability analysis.
The solution enabled the migration of critical processes from the mainframe to the cloud, strengthening financial control, enhancing regulatory reporting and supporting more informed decision-making.
The Challenge
The client needed to modernise its financial environment by replacing legacy systems with an integrated cloud platform.
Reliance on a mainframe limited operational agility, data visibility and the ability to respond to evolving regulatory requirements. The challenge was to unify financial processes, improve reporting, and strengthen planning and analytical capabilities.
The Solution
A comprehensive financial transformation that unifies financial management, planning and analysis on Oracle Cloud.
Oracle ERP Cloud, Oracle EPM Cloud and OFSAA
Timestamp delivered a financial transformation programme based on Oracle ERP Cloud, Oracle EPM Cloud and OFSAA, integrating key financial capabilities into a unified cloud platform.
Accounting and Financial Consolidation
The first pillar covered the General Ledger, Accounting Hub, account reconciliation, financial consolidation and the OFSAA database.
Balance Sheet Planning and Risk Management
The second pillar included planning and budgeting, balance sheet planning, the balance sheet calculation engine, ALM, IFRS 9 and Narrative Reporting.
Financial Analysis and Control
The third pillar focused on profitability analysis, while the solution enabled the migration of critical processes from the mainframe to the cloud, improving financial control, regulatory reporting, strategic planning and data-driven decision-making.
Business Impact
Solution Scope
Pillar I
Financial Consolidation, Accounting Hub and OFSAA Foundation
Pillar II
Balance Sheet Planning, ALM, IFRS 9 and Reporting
Pillar III
Profitability Analysis
The Client
Novo Banco is one of Portugal's largest banks, with a strong national and international presence. It combines extensive experience in financial services with a customer-centric approach, supporting individuals, businesses and institutions. Its commitment to innovation, efficiency and sustainable value creation has enabled it to establish a leading position in the Portuguese banking sector.
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