Accenture Post-Trade Processing provides post-trade processing and technology services to support settlement, books and records, asset servicing, operational management and control, real-time data access and administrative accounting.
The two firms have designed the solution to also accommodate other technology to support functions such as reconciliations and corporate actions processing, which is provided by SmartStream, another partner of Accenture.
Societe Generale Corporate & Investment Banking (SGCIB) is the first client of the solution and will use it to manage back-office securities processing.
As part of the initiative, a number of SGCIB employees with post-trade processing skills relevant in more than 50 financial markets are expected to join Accenture.
“The global investment banking industry is at a crossroads, with regulatory, market and technological pressures changing the economics of the business and leading banks to fundamentally reassess their operating models,” said Bob Gach, global managing director of Accenture’s Capital Markets industry practice.
“Post-trade processing plays a vital role in client service, but represents a significant and often stubbornly fixed cost for banks. Our new solution provides the efficiencies, scalability and regulatory capabilities in post-trade processing that can help banks rebuild their business models around more profitable services and differentiate them from the competition.”
“Societe Generale Corporate & Investment Banking and Accenture share the same vision of what could be the future model for securities processing among investment banks: industrialising some services by mutualizing processing activities and costs across multiple institutions,” said Christophe Leblanc, COO of Societe Generale Corporate & Investment Banking.
“We are happy to be the first client of Accenture Post-Trade Processing, a pioneering solution that sets a new industry standard for efficiency in securities post-trade processing, and which will enable us to deliver top quality services to our clients.”
“Investment banks need to transform and are actively seeking solutions that help them enter new markets and comply with regulatory changes, all while meeting client demands,” said Steve Racioppo, chief revenue officer, Broadridge Financial Solutions.
“With Broadridge’s technology as the engine behind the solution and Accenture’s expertise in capital markets, we can see this solution becoming the industry standard for post-trade processing.”
“This collaborative effort, which brings deep market expertise and technology to create a shared service solution for multiple clients, exemplifies the customer-focused thinking that will transform the industry,” said Philippe Chambadal, CEO of SmartStream.