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Credit Suisse Group Implements PeopleSoft 8 Financials

General Ledger Implementation Ranks Among the Largest in Financial Services Industry

PLEASANTON, Calif.--Oct. 9, 2001--Credit Suisse Group, one of the world's leading financial services organizations, has implemented PeopleSoft 8 (Nasdaq:PSFT - news) Financials in one of the largest general ledger projects in the global financial services industry.

Stefan Hilber, Managing Director, Accounting Systems, Credit Suisse Group, commented: ``With PeopleSoft 8, the existing General Ledger has been moved to a future oriented, leading edge technology. The simplified scalability could lead to significant annual cost savings on maintenance.''

On average, the Banking Business Units process about 2.5 million transactions and produce 3,300 reports daily. The system can accommodate 8.6 million transactions at month end, resulting in 1.2 million journal lines processed in PeopleSoft General Ledger at month end.

PeopleSoft 8 Financials was implemented simultaneously on the IT platform of the Banking Business Units of Credit Suisse Group in Switzerland as well as on the global IT platform of Credit Suisse First Boston.

These business units were keen to improve their accountability while increasing their autonomy and flexibility, improving the control environment and replacing the legacy General Ledger. On January 1, 2001 Credit Suisse Group in Switzerland implemented PeopleSoft 7.5 Financials, and moved to the PeopleSoft 8 pure internet architecture in July 2001 as an early adapter according to plan within a seven-months project period.

Hilber continued: ``Through the upgrade to PeopleSoft 8's leading-edge pure internet architecture we are realising four key benefits -- enhanced architecture, simplified scalability leading to lower cost for enduser roll-out and ongoing maintenance costs, easier and more flexible end user training, and enhanced functionality which is essential for running projects such as Cost Accounting, VAT, and Fixed Assets.

Guy Dubois, executive vice president, PeopleSoft International, said: ``This live example of the benefits our customers are gaining from the PeopleSoft Internet Architecture demonstrates PeopleSoft is delivering true value to organizations around the world.''

Detailed Benefit Gains at Credit Suisse Group

Leading Edge Technical Architecture

Integrates with the Credit Suisse Group target IT application architecture.
Offers single sign-on, ensuring conformity with group wide intranet security.
Removes need for separate security layers to control access to reports.
Lower cost of ownership of the end-to-end solution.
Provides a strategic tool for report distribution.
Reduces time to run reports in batch processes by 30 percent to 40 percent.
Enables seamless integration to third-party systems.
Simplified Scalability

Eliminates need for code on the client.
Allows accessibility via internet.
Streamlines deployment by providing end users with a shortcut to the appropriate URL link.
Reduces significantly the effort and cost of ongoing large-scale software deployment, providing continued savings.
Easier Training & Support

Simplifies training because the application resides in a standard browser, which end users are comfortable navigating.
Decentralises training sessions to avoid high infrastructure costs.
Enhanced Functionality for VAT and Fixed Assets and Cost Accounting

VAT Functionality provides three key benefits:

Ability to control separate VAT accounts by business unit.
Ability to control non-recoverable VAT by business unit.
Flexible posting of VAT entries.
Fixed Assets and Cost Accounting

Offers web-based report distribution to more than 3,300 recipients, providing simple access to information.
About PeopleSoft

PeopleSoft (Nasdaq:PSFT - news) is the world's leading provider of collaborative enterprise software. PeopleSoft pure internet software enables organisations to reduce costs and increase productivity through collaboration with their customers, suppliers, and employees. PeopleSoft's integrated, best-of-breed applications include Customer Relationship Management, Enterprise Service Automation, Supplier Management, Human Capital Management, Financial Management, and Enterprise Performance Management. More than 4,700 organisations in 107 countries run on PeopleSoft software. For more information, visit us at www.peoplesoft.com.

In EMEA, PeopleSoft has operations in the UK, France, Germany, Spain, The Netherlands, Belgium, Switzerland, Italy, and The Nordics (Sweden, Denmark, Norway, and Finland).

PeopleSoft and the PeopleSoft logo are registered trademarks. All other company and product names may be trademarks of their respective owners. Copyright (c) 2000 PeopleSoft, Inc. All rights reserved.


 
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Carla Kay Barlow
Advanced Visual Systems, Inc.
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