BB&T scraps SAP core banking tech project
SAP’s US core banking tech project is no more
EXCLUSIVE: US-based banking heavyweight, Branch Banking & Trust (BB&T), is believed to have halted the project to implement a new core banking system from SAP.
The bank unveiled its plans for a “gradual renovation” of its core banking technology landscape in 2016 at SAP’s annual Sapphire conference.
SAP for Banking (namely its Loans Management component) was taken to support BB&T’s retail lending operations. The first involved the back office operations of Sheffield Financial, a small North Carolina-based subsidiary of BB&T that specialises in power equipment and specialist vehicles financing.
This was SAP’s first and only known core banking system deal in the US. Will Shupe, BB&T’s EVP responsible for IT and operations, described the deal as “a leap of faith” for the bank, speaking at the Sapphire conference in May 2016.
FinTech Futures understands the project has now been scrapped. Both SAP and BB&T provided a “no comment” response on this turn of events.
Meanwhile, BB&T’s digital, phone and ATM operations suffered a widespread outage recently. The culprit was “a technical issue” within the bank’s systems, BB&T said.
