Socit Gnrale has bought Accurate Software’s Operational Risk Management solution, Accurate NXG, to automate the processing of its cash transactions across various departments at its Paris headquarters.
Accurate NXG is now deployed in the company’s International Operations Division (OPI), in the investment banking division (SGCIB) and will also be installed at Crdit du Nord, one of Socit Gnrale’s French domestic banks.
Socit Gnrale will in the first instance use Accurate NXG for the reconciliation of its nostro and internal accounts at OPI, centralising back office processes for all of its western European sites, which include Paris, London, Amsterdam, Brussels, Frankfurt, Madrid, Milan and Zurich.
Accurate says that by using NXG’s workflow capabilities, Socit Gnrale will be able to automatically assess errors early in the value chain, pre-empting downstream errors and feeding information back to the customer services teams, enabling faster customer response. Socit Gnrale will implement more than 20 different automated workflows across its different regions and business units.
“With the improved management reporting available via Accurate NXG’s business intelligence Dashboard technology, senior management will be constantly alerted to critical areas of potential loss,” says Accurate in a press release. “Accurate’s Dashboard can intelligently display a wide variety of business metrics, which can be instantly accessed online throughout the organisation.”
Phase one of the implementation, which included OPI and SGCIB, was completed in October 2004. The second phase, which will see Accurate NXG’s reconciliation, workflow and business intelligence components installed at Crdit du Nord, is currently under way and will be completed in early 2005. Future plans include the extension of the Accurate NXG deployment to Socit Gnrale’s other divisions and to other geographical areas, notably Asia Pacific.
“We selected Accurate after a rigorous assessment, which included a detailed benchmark study in which Accurate NXG clearly demonstrated its ability to maximise efficiency and improve operational control,” says Emmanuel de Bouard, managing director, international operations, payment services at OPI, Socit Gnrale. “Accurate NXG delivers scalability and flexibility to such an extent that for the first time, we can plan to deploy a single, enterprise-wide solution across our global operations. Unlike the common scenario where an organisation has to adapt to a product’s capabilities, Accurate NXG can be tailored to our individual country or organisational needs. Accurate NXG is an obvious strategic choice for our complex and challenging business.”
Accurate NXG replaces Corona and Hermes reconciliation and investigation systems respectively from Smartstream Technologies. Accurate NXG will provide an end-to-end transaction processing solution for all of Socit Gnrale’s reconciliation and exception management needs.
“Socit Gnrale is an extremely well-respected financial institution and we are proud to add them to our growing list of tier one customers in the French financial services sector,” says Dirk Van de Velde, executive vice president, Continental Europe, at Accurate Software. “Socit Gnrale has recognised that Accurate delivers a winning combination of a flexible, proven solution with a partnership-based relationship, ensuring that Socit Gnrale will remain an Accurate client for many years to come, not only in Paris, but worldwide.”