Accurate Software has been awarded a contract by European Investment Bank (EIB) to implement its Operational Risk Management solution, Accurate NXG. Due to go live in December 2004, the deployment will automate the reconciliation process for EIB's cash, securities and foreign exchange confirmations to reinforce EIB's back office operations.
Using Accurate NXG, EIB will implement a single platform that will streamline its back office processes and provide a comprehensive transaction control solution across multiple business areas.
Accurate NXG will also deliver improved management information, through its
business intelligence Dashboard technology, enabling EIB to add greater transparency and control to its transaction handling process. Accurate NXG
Dashboard provides a state-of-the-art browser-based means of analysing and distributing key information, and can be used to quantify risk at both a detailed and aggregate level.
Dirk Van de Velde, executive vice president for Continental Europe at Accurate Software, said: "With tighter operational control over low volume high worth transactions, the reduction in risk for organisations such as EIB is significant. We are delighted to have been selected by EIB."
Accurate NXG, which brings together Accurate's core competencies of reconciliation, exception management, workflow and business intelligence, will be deployed at EIB's headquarters in Luxembourg. Accurate's solution replaces manual and Microsoft Excel-based systems.
