Source: Microgen
Microgen (LSE: MCGN), the information management group, is pleased to announce the launch of Microgen Accounting Hub (MAH) version 2.10 powered by Microgen Aptitude.
Aimed at banks and insurance companies, MAH is a rules-based accounting engine, warehouse and sub-ledger finance system, delivering accounting consistency and financial transparency at both an enterprise and a divisional level.
"The management, compliance and finance areas within banks are currently under enormous pressure. With over a decade's experience of working within these functions, Microgen is fully aware of the increasing need to produce timely and accurate reports, coupled with the absolute requirement to provide visibility within financial processes and accounting logic." commented Microgen Banking, Managing Director, Elizabeth Sipiere.
"With the launch of this latest version of MAH, we aim to deliver the components needed to meet existing and emerging regulatory standards in financial markets and accounting and to set best practices for financial reporting." concluded Elizabeth.
MAH is a modular product that delivers the components required for the effective management of a twenty-first century banking finance function. The product manages the intelligent sourcing and validation of trade and position data from source systems such as front office or settlement systems. Processing these trade events against business logic created for all major financial instrument types, MAH applies consistent accounting treatment utilising best practice templates and creates accounting postings. It maintains repositories for risk, financial and regulatory reporting, calculates cost of funding and delivers profit & loss and balance sheet substantiation. Through its usage of Microgen Aptitude, MAH is architected to manage the high trade volumes and complex processing requirements that are standard in today's financial markets.
The modules of the product include: the MAH accounting engine; a sub-ledger providing branch or divisional-level balances for reporting; the funding module; repositories for risk and finance data; a reference data repository; template ruules for accounting practice and a manual entry module allowing for the daily reprocessing of trade adjustments and amendments.