Accurate Software today announced that HSBC Holdings has chosen Accurate NXG to provide selected parts of its Corporate, Investment Banking and Markets (CIBM) division with improved operational control, and help reduce its exposure to risk.
HSBC was keen to implement a single platform that other businesses within the Group could easily take advantage of in the future. It will roll out Accurate NXG across various business lines to standardise reconciliation processes. It will also use Accurate's 'Dashboard' technology to deliver improved business intelligence and on-line management information.
Accurate NXG 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. Accurate NXG already supports HSBC Private Bank in Geneva and in Hong Kong; and Accurate Software has a partnership with HSBC's Global Payments and Cash Management division.
Richard Cato, senior manager, Operations Change Management, HSBC, said, "We
required a highly flexible and proven solution for reconciliations and exception management to meet our requirements across CIBM. Accurate NXG provides a single framework for control and will help standardise processes across the Group."
Philip Hall, chairman and co-chief executive officer, Accurate Software,
commented, "The 'enterprise' nature of this deal creates a major opportunity
for Accurate. This is a benchmark win for Accurate given the size of the project and the strong competition involved."