Accenture (NYSE: ACN) and Societe Generale Corporate & Investment Banking (SG CIB) completed the first step in transforming the bank's securities processing back-office operations on October 14 by transferring them to Accenture Post-Trade Processing, a service launched by Accenture and Broadridge Financial Solutions (NYSE: BR).
The solution is designed to help the bank improve competitiveness, adapt to changes in regulation and market infrastructure, and reduce costs.
Accenture Post-Trade Processing is managing the back-office securities processing for SG CIB - including settlement, asset servicing, reference data, reconciliation and administrative accounting - under the agreement between Accenture and the bank announced in July. As part of the initiative, a number of SG CIB employees have joined Accenture with post-trade processing skills relevant in more than 50 financial markets.
In the second phase, Accenture Post-Trade Processing will transfer SG CIB's securities processing to a new, multi-entity platform based on Broadridge technology. The platform is designed to reduce resources and simplify preparations for compliance with new and existing regulations; optimize performance with access to real-time trade information; and quickly and efficiently launch new financial products and enter new markets. The new platform will allow Accenture Post-Trade Processing to serve multiple clients operating in Europe and Asia-Pacific.
"We are very pleased with this initiative to create a new securities back-office outsourcing solution for investment banks in Europe and Asia-Pacific. Accenture Post-Trade Processing will allow us to deliver top-level services to our clients while being price-competitive with the largest players in the industry," said Christophe Leblanc, Chief Operating Officer, Corporate & Investment Banking, Private Banking, Asset Management and Securities Services, Societe Generale.
Eugenio Bonomi, senior managing director and head of Accenture Post-Trade Processing said, "Societe Generale Corporate & Investment Banking shows foresight and vision with this initiative. In an increasingly competitive and capital-intensive industry, this new approach to post-trade processing will help the bank meet its efficiency and client service objectives. Our longstanding relationship with Societe Generale Corporate & Investment Banking and understanding of the global investment banking business is helping make this a seamless transition."
Accenture Post-Trade Processing, a strategic collaboration between Accenture and Broadridge Financial Solutions, combines Accenture's global business process outsourcing capabilities and global capital markets industry expertise with Broadridge's leading post-trade processing technology. Accenture and Broadridge have designed the solution with the flexibility to accommodate other technology to support certain functions, such as reconciliations and corporate actions processing.