Novo Banco is one of the biggest Portuguese Banks. Long-term value creation have allowed NB to build a strong domestic and international presence.

Timestamp designed this huge project with 3 pillars:

Pillar I – General Ledger, Accounting Hub, Accounts

Reconciliation, Consolidation and OFSAA Foundation

Pillar 2 – Planning and Budgeting, Balance sheet Planning,

Balance Computation Engine, ALM – Cash Flow Engine, IFRS 9,

Narrative Reporting

Pillar 3 – Profitability

This 1st phase of the project was divided into:

A Setup & Blueprint phase for the 3 pillars of the Program, which started in February of 2022 and finished in May 2022;

Pillar 1 phase that had the objective of replacing the current accounting system “Milenium” and build the foundation for the remaining Pillars which started in June 2022 and went live on the 13th of November 2023.

Pillar 1 project consisted in:

Replacing novobanco’s current accounting system;

Assuring that all the source systems will integrate with the new CFM trough the actual engine. More than 50 source applications.

Create a new application to allow that all the bank branches and central services are able to do accounting entries at contract level, named BAP (more than 300 branches and a universe of 2.000 users).

Allow accounting by contracts – around 20 Million journal lines per day enter in the CFM from the source applications!

Provide a tool for In transit accounting reconciliation of +3 million lines per day allowing an automatic matching of +2million lines per day based on rules in less than 25 minutes.

Generate 46 outbound files to be consumed by other novobanco systems.

Adopt a new multi-dimensional chart of accounts.

Build a “contract Level” Balance Sheet aligned “by design” with the GL.

Build a reporting solution to validate the source system inventory with the accounting data.

8 novobanco companies in scope.

5 Timestamp Business Units (Solutions, Analytics, ICM, BQA and I&D) were involved in the project implementation, and, at the pick, we have 28 consultants alongside with novobanco key-user which in some forums were more than 20 people (due to the fact that this project impacts in every department of the bank – Commercial, Risk, DW, Management Information, Accounting department, Operations IT, etc.).

The solutions implemented were a mixed of Oracle SaaS and On-premises apps in an IaaS/PaaS solution:

Oracle ERP Cloud (General Ledger in the 1st Pillar).

Oracle EPM Cloud (ARCS – Accounts Reconciliation).

Oracle OFSSA (Foundation – Metadata) – used to extend the accounting information for Contracts. In IaaS.

Oracle Database in an Infrastructure as a Services – APEX to support BAP development.

Oracle Application Server (OAS) for reporting purpose.

Pillar 1 is done and we are finishing now pillar 2.

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