CLS Group (CLS) is benefiting from access to powerful, flexible and dynamic analysis of its day-to-day foreign exchange processing, using a solution designed, built and implemented with Conchango.
CLS provides the processing platform and systems to settle foreign exchange (FX) transactions to the value of $1.3 trillion each day, for 55 member banks and over 140 of their customers.
Working with Conchango, CLS has introduced a combined Microsoft and MicroStrategy technology platform to provide itself and member banks with a consolidated view of member bank FX activity and set this in context with overall market trends. As a result, both CLS and member banks are able to better satisfy their compliance and regulatory requirements and more accurately determine future business strategy for FX transactions.
Built on a Microsoft SQL Server/Data Transformation Services platform and using the MicroStrategy suite of analytical and narrowcasting products, Conchango has delivered a range of operational, performance management and scenario-based analysis capabilities.
In turn, CLS can use this service to provide member banks with detailed analysis of their FX market performances, even supporting the ability to interrogate individual FX transactions.
"This project was complex and very challenging," said Sean Spence, CFO at CLS. "We’ve had to combine data from many banks in a variety of formats, in order to provide quality information. Conchango impressively managed the implementation of this complex project, within a demanding time frame, contributing to the increased visibility and reduced risk in the foreign exchange transactions for our member banks."
"The CLS project was one of the most complex SQL Server implementations completed to date in the financial services sector," said Mike Altendorf, joint managing director at Conchango. "In combination with CLS’ expert internal Business Intelligence team, Conchango has created a highly flexible, scalable, extensible and adaptable platform for internal and external purposes."
"With MicroStrategy, CLS is now able to provide a true BI platform, that not only enables analysis of the rich and complicated data, but also provides for delivering information internally and externally to its member banks. This reiterates MicroStrategy’s unique position of being able to support both large data volumes and large disparate user communities," said Richard Irwin UK managing director at MicroStrategy.