Societe Generale licenses SunGard's BancWare Focus ALM product
19 July 2006 | 3453 views | 0
SunGard today announced that Paris-based Societe Generale has chosen SunGard's BancWare Focus ALM for balance sheet management of several of its retail banking subsidiaries outside of France.
Societe Generale has also selected BancWare Focus ALM for funds transfer pricing calculations and BancWare Data Integration for effective data cleansing and processing.
Over a period of two years Societe Generale plans to execute this large scale BancWare implementation project across its major retail banking subsidiaries outside of France. This network of banks provides a complete range of retail and corporate banking products to 6.6 million clients across the globe.
BancWare Focus ALM will provide static and dynamic modeling that will help the banks to more effectively manage interest rate, foreign exchange and liquidity risk. Some of the banks will install the solution on-site, while others may use it remotely. On- and off-balance sheet products will be modeled in order to help the banks better monitor the impact of market changes on their balance sheets, and make more informed business decisions.
BancWare Data Integration will help ensure data confidence by cleansing, sorting and feeding data into the ALM solution so that risk data can be accessed bank-wide in a secure environment, across a single data platform. Full integration with BancWare Focus ALM for funds transfer pricing will also help to provide more accurate transfer pricing on financial instruments, thus facilitating the evaluation of products, customers, and business units for more proactive decision making.
Muriel Mace, ALM project manager for Societe Generale, said, "Flexibility is key to this project. We were specifically looking for a solution suite that could deal effectively with different languages, character sets and regulations. Equally important was the need for the applications to be user-friendly, and able to be installed in different technological environments. With BancWare, SunGard demonstrated its ability to meet all the necessary requirements, and has the established customer base to prove it."
Terence Faherty, president of SunGard's BancWare business unit, said, "We are proud of the reasons behind Societe Generale's decision to extend its relationship with SunGard via the selection of BancWare. These include the user-friendly BancWare solution suite and implementations executed by experienced consultants, delivered on-time and on-budget. We are committed to working closely with our customers, and as one of Europe's biggest banks, Societe Generale will play an important role in helping us to drive our business and technological expertise. We look forward to a continued successful partnership."