French banking group Société Générale is deploying Accurate Software's operational risk management software, Accurate NXG, to automate the processing of its cash transactions across a number of departments at its Paris headquarters.
SocGen will initially use Accurate NXG for the reconciliation of its nostro and internal accounts at its international operations department (OPI) to centralise back office processes for all its Western European sites.
Accurate says the platform will provide comprehensive transaction control and ensure validity and consistency of data across multiple business lines.
Phase one of the implementation, which included OPI and the bank's investment banking division (SGCIB), was completed in October 2004. The second phase, which will see the product rolled out at SocGen's Crédit du Nord domestic banking unit, is currently under way and will be completed in early 2005.
The vendor says SocGen may also extend the implementation of Accurate NXG to operations in Asia Pacific. Emmanuel de Bouard, MD, international operations, payment services, OPI, SocGen, says: "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."
Accurate says its NXG platform replaces the Corona and Hermes reconciliation and investigation systems from Smartstream Technologies.