Nationwide Building Society, a large British financial company, plans to overhaul its banking, savings, and mortgage processing systems using software from SAP AG.
The Walldorf, Germany, vendor announced Monday that Nationwide plans to spend $600 million to install SAP for Banking throughout its operations by 2012. The first stage of the project will focus on current accounts for demand deposits, with later phases focusing on savings, mortgages, and branch systems.
Several other major vendors are involved in the project, including International Business Machines Corp., Capgemini, and KPMG International, SAP said.
Nationwide, which calls itself the world's largest building society, with 13 million members and 900 branches in the United Kingdom, as well as more than $320 billion of assets.
SAP also handled a multiyear core conversion project for Deutsche Postbank AG, the retail banking unit of Deutsche Post AG, involving checking and lending accounts. The project culminated in 2005 with the conversion of 17 million retail savings accounts.
