Nov 01, 2013
Singapore, October 29th 2013 - Accenture and Societe Generale Corporate & Investment Banking (SG CIB) completed the first step in transforming the bank's securities processing back-office operations on October 14 by transferring them to Accenture Post-Trade Processing, a service launched by Accenture and Broadridge Financial Solutions. The solution is designed to help the bank improve competitiveness, adapt to changes in regulation and market infrastructure, and reduce costs.
Accenture Post-Trade Processing is managing the back-office securities processing for SG CIB - including settlement, asset servicing, reference data, reconciliation and administrative accounting - under the agreement between Accenture and the bank announced in July. As part of the initiative, a number of SG CIB employees have joined Accenture with post-trade processing skills relevant in more than 50 financial markets.
In the second phase, Accenture Post-Trade Processing will transfer SG CIB's securities processing to a new, multi-entity platform based on Broadridge technology. The platform is designed to reduce resources and simplify preparations for compliance with new and existing regulations; optimize performance with access to real-time trade information; and quickly and efficiently launch new financial products and enter new markets. The new platform will allow Accenture Post-Trade Processing to serve multiple clients operating in Europe and Asia-Pacific.
"We are very pleased with this initiative to create a new securities back-office outsourcing solution for investment banks in Europe and Asia-Pacific. Accenture Post-Trade Processing will allow us to deliver top-level services to our clients while being price-competitive with the largest players in the industry," said Christophe Leblanc, Chief Operating Officer, Corporate & Investment Banking, Private Banking, Asset Management and Securities Services, Societe Generale.
Eugenio Bonomi, senior managing director and head of Accenture Post-Trade Processing said, "Societe Generale Corporate & Investment Banking shows foresight and vision with this initiative. In an increasingly competitive and capital-intensive industry, this new approach to post-trade processing will help the bank meet its efficiency and client service objectives. Our longstanding relationship with Societe Generale Corporate & Investment Banking and understanding of the global investment banking business is helping make this a seamless transition."
Accenture Post-Trade Processing, a strategic collaboration between Accenture and Broadridge Financial Solutions, combines Accenture's global business process outsourcing capabilities and global capital markets industry expertise with Broadridge's leading post-trade processing technology. Accenture and Broadridge have designed the solution with the flexibility to accommodate other technology to support certain functions, such as reconciliations and corporate actions processing.
Re-disseminated by The Asian Banker