Selects ITESOFT to be Integral part of EUROPEAN CASH HUB Project
12 November 2004: Leading document capture and processing software company,
ITESOFT, is to supply its automatic document management and processing
solution, ITESOFT.FreeMind, to BNP Paribas Securities Services to process
the large volumes of faxed orders received from its European subsidiaries as
part of its EUROPEAN CASH HUB project.
Part of the overall EUROPEAN CASH HUB programme, the FAX project involves
centralising the automatic capture and processing of all faxed payment orders issued by all BNP Paribas Securities Services' clients in Paris, Milan, London, Luxemburg, Frankfurt, Madrid, Zurich and Athens, improving the workflow process and guaranteeing 100% document tracking.
Dominique Sauvage, Head of IT for Cash, Risk & Finance said: "ITESOFT's solution meets two of our project's critical requirements: real-time processing and tracking. We receive 250 to 500 faxes daily, concentrated into a short period of time, with 50% of requests reaching us between 11a.m. and 2p.m. It is vital that every request received during this intensive period is processed without delay.
"Processing security is equally critical for us as we process transfers daily worth several billion euros. No transaction is allowed to proceed before it has passed a range of contextual and dynamic checks built into the system, providing us with a guaranteed level of confidentiality, reliability and tracking for all information carried by the system."
ITESOFT.FreeMind will automatically retrieve all faxes arriving at the central FAXCALL server; recovering the relevant information and transmitting it to BNP PARIBAS Securities Services' specialist dedicated application. Fax images will be systematically archived, ensuring that they are available for consultation following execution of any orders. The project is scheduled to become fully operational in November 2004.
BNP PARIBAS Securities Services, a BNP PARIBAS subsidiary, specialises in the provision of securities services to financial institutions such as investment banks, brokerages, institutional investors and issuers.