Accurate Software today announced that Caixa Catalunya, the third largest
savings bank in Spain, has selected Accurate's Operational Risk Management
solution, Accurate NXG, for the reconciliation of its nostro and internal ledger accounts. Accurate NXG will enable Caixa Catalunya to improve processing efficiency, resulting in faster identification of discrepancies
and reduced exposure to operational risk.
Caixa Catalunya began its search for a new reconciliation solution when support for its incumbent system ceased. The bank undertook a thorough evaluation of all suppliers and selected Accurate NXG because of its superior technology, proven track record and generic reconciliation capabilities.
The bank went live with Accurate NXG for nostro reconciliations in October 2003 at its Barcelona headquarters. Accurate consultants worked closely with executives from Caixa Catalunya to ensure the migration to Accurate NXG was
seamless and completed within just five weeks.
In addition to Caixa Catalunya's core requirements for nostro and internal ledger account reconciliation, the bank also needed a generic solution capable of reconciling other account types, and the ability to efficiently follow up outstanding items such as claims. Caixa Catalunya chose Accurate NXG - which brings together Accurate's core competencies of reconciliation, exception management, workflow and business intelligence - to provide a single control framework to reduce operational risk and increase efficiency.
Joan Josep Rives, Project Manager, Caixa Catalunya, comments, "We were impressed with the speed and professionalism of the migration to Accurate NXG which only took five weeks. The flexibility of Accurate NXG greatly appeals to us as we are investigating the possibility of applying the generic reconciliation functionality within the solution to other processes within the bank. We are already considering projects for managing cash distribution to our branch offices."
"Caixa Catalunya is an important win for Accurate. It is our first financial
services customer in Spain and a significant player in the region," comments
Philip Hall, chairman and co-chief executive officer, Accurate Software.
"Accurate NXG has given Caixa Catalunya a greater level of operational control, which means its business can operate more efficiently. It is extremely satisfying to have a customer that selected our solution over all other market players because they recognised the superior performance and flexible nature of our solution."