Microgen (LSE:MCGN) today introduced its high performance Microgen Accounting Hub ("MAH") for the Teradata Platform Family. Market leading in terms of both its performance and inherent functionality, MAH is currently deployed in a number of global banks and digital media organisations around the world.
MAH enables organisations to significantly improve accuracy and financial transparency between underlying transactions and the general ledger.
By leveraging MAH with Teradata's data warehouse capabilities, organisations will be able to easily drill down from general ledger balances into the MAH detailed transaction-based ledger and linked transaction details. Underpinned by a common data and analytic environment, for product and customer profitability, risk, liquidity and regulatory reporting, the MAH and Teradata solution greatly improves transparency and enables better performance management.
Financial statement accuracy and transparency is a board level imperative for all businesses. For businesses with high transaction volumes, establishing an accurate and transparent link between the millions of underlying daily transactions and their associated transaction level profit and loss and balance sheets to aggregate general ledger postings can be daunting. This challenge is further complicated by multiple reporting treatments across geographies and evolving accounting treatments including IFRS. The combined MAH and Teradata solution delivers the speed, transparency and scalability to help high-transaction businesses to cost effectively overcome these challenges.
"Teradata's clients rely on our technology to establish a common analytical platform for both financial and operational metrics," said Jeff Lovett, Vice President - Finance and Performance Management Solutions, Teradata. "By integrating Microgen's expertise in handling complex accounting and royalty calculations with Teradata's expertise in data warehousing and analytics, we jointly provide clients with a single platform that ensures transparency and analytic flexibility from source to report. We can improve our clients' ability to efficiently manage their businesses and adjust to constantly evolving IFRS and other regulatory reporting requirements. The Microgen alliance builds uponon Teradata's successful record of helping companies with financial data management and analytic challenges."
Based on Microgen Aptitude, Microgen's high-performance Business Process Platform, MAH has been designed for exceptional performance and rapid time-to-implementation. A key differentiator of MAH, which enables the fast deployment, is the unparalleled level of pre-developed functionality available to quickly address the accounting requirements of the vast majority of traded financial instruments, digital media and telecommunications services and products. The combination of Microgen Aptitude and Teradata enables MAH to provide peak performance and to deliver the agility that is only possible with rules engine-based technologies.
"The delivery of the Microgen Accounting Hub on the Teradata platform sets a new benchmark in the delivery of financially accurate information to organisations with very high transaction volumes, such as retail banks and telecom companies," said Elizabeth Sipiere, Divisional Managing Director, Europe and Asia, Microgen. "MAH on Teradata raises the bar for enterprise technology platforms, supporting accurate, fast and more transparent front and back office accounting."