Accenture has announced that Société Générale Corporate and Investment Banking (SG CIB) has begun the transfer of its securities processing back-office operations to the Accenture Post-Trade Processing system, a service launched by Accenture and Broadridge Financial Solutions.
As part of a deal announced in July 2013, Accenture Post-Trade Processing is to manage the back-office securities processing for SG CIB, including settlement, asset servicing, reference data, reconciliation and administrative accounting, while a number of SG CIB employees with post-trade processing skills will be joining Accenture.
"We are very pleased with this initiative to create a new securities back-office outsourcing solution for investment banks in Europe and Asia-Pacific," says Christophe Leblanc, COO of corporate and investment banking, private banking, asset management and securities services at Société Générale. "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."
The second phase of the agreement includes the transfer of SG CIB's securities processing to a new multi-entity platform, which is based on Broadridge technology and designed to reduce resources, simplify preparations for regulatory compliance, optimize performance with access to real-time trade information, and efficiently launch new financial products.
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