IBM announced today that Credit Lyonnais had deployed an IBM WebSphere Business Integration solution based on IBM CrossWorlds technology to manage its Equity capital market operations processes. The next steps could be to extend this initiative to other capital market and investment banking businesses.
Part of the IBM WebSphere Business Integration software portfolio, IBM CrossWorlds technology delivers process integration solutions that automate and streamline business processes while helping to link to business partners.
Working with IBM and the French consulting firm Unilog Management, Credit Lyonnais has used the IBM technology to integrate internal applications and databases, extend applications externally, and automate the processing of deals. The first phase of this major initiative – including radically redefined front to back office business process flows – was completed in five months from launch of the implementation program, with a focus on a quick return on investment.
Credit Lyonnais is using IBM CrossWorlds technology to achieve more efficient trade-flow management operations and to consolidate pre-trade-through-settlement processes. By reducing transaction cycle times and by virtually eliminating failed trades, Credit Lyonnais is increasing the speed and quality of services provided by the support functions. This technology is a key component of IBM’s straight through processing solutions for the financial market. Straight through processing solutions are used to automate business process flows and increase data quality – enabling improved order management and settlement processes at reduced cost.
“IBM’s proven application connectivity approaches and automated process components – leveraged in order to integrate information from external business partners, brokers and stock exchanges with front- and back-office systems – is important to Credit Lyonnais,” said Dominique Ioos, Responsible Direction des Operations Actions, Credit Lyonnais. “With IBM CrossWorlds technology, we are enhancing our global productivity and optimizing the time frame for introducing new services. In addition, we are dramatically reducing application maintenance and deployment costs and extending communication with our trading partners. This initiative is critical, not only for the growth of our business, but also for the best practices implementation.”
IBM says Credit Lyonnais selected the IBM CrossWorlds technology based on its unique business process integration, rapid implementation and change capabilities. In addition, WebSphere Business Integration products increase the ability to communicate internally and externally with trading partners.
“Today, capital markets, banking and insurance firms are facing unprecedented global pressure to reduce cycle times in their trading operations, introduce new products and translate enterprise-wide initiatives into bottom-line results,” said Paraic Sweeney, Vice President of Marketing, WebSphere Business Integration, IBM Software Group. “We are delighted Credit Lyonnais has chosen the WebSphere Business Integration solution to address these requirements and to support its aggressive business transformation programs.”
Credit Lyonnais is deploying the IBM CrossWorlds technology in connection with its equity trading business throughout 2002 in Europe, North America and Asia.