Société Générale goes live with Accurate Software’s Operational Risk Management solution for group-wide transaction processing

London, 2 March, 2005 - Société Générale, one of the largest financial services groups in the euro-zone, has selected Accurate Software’s Operational Risk Management solution, Accurate NXG, to automate the processing of its cash transactions across multiple departments at its Paris headquarters. Accurate NXG is now deployed in the company’s International Operations Division (OPI), in the investment banking division (SGCIB) and will also be rolled out at Crédit du Nord, one of Société Générale’s French domestic banks.

Accurate NXG is built on the four core competencies of reconciliation, exception management, workflow and business intelligence. Société Générale will in the first instance use Accurate NXG for the reconciliation of its nostro and internal accounts at OPI, centralising back office processes for all of its Western European sites, which include Paris, London, Amsterdam, Brussels, Frankfurt, Madrid, Milan and Zurich. Accurate NXG delivers comprehensive transaction control and ensures validity and consistency of data across multiple business lines. The solution will form part of Société Générale’s end-to-end risk control framework.

Accurate NXG’s workflow component will enhance operational control, enabling Société Générale to minimise risk. Using workflow, Société Générale will be able to automatically assess errors early in the value chain, pre-empting downstream errors and feeding information back to the customer services teams, enabling faster customer response. Société Générale will implement more than 20 different automated workflows across its different regions and business units.

With the improved management reporting available via Accurate NXG’s business intelligence Dashboard technology, senior management will be constantly alerted to critical areas of potential loss. Accurate’s Dashboard can intelligently display a wide variety of business metrics, which can be instantly accessed online throughout the organisation.

Phase one of the implementation, which included OPI and SGCIB, was completed in October 2004. The second phase, which will see Accurate NXG’s reconciliation, workflow and business intelligence components being rolled out at Crédit du Nord, is currently under way and will be completed in early 2005. Future plans include the extension of the Accurate NXG deployment to Société Générale’s other divisions and to other geographical areas, notably Asia Pacific.

"We selected Accurate after a rigorous assessment, which included a detailed benchmark study in which Accurate NXG clearly demonstrated its ability to maximise efficiency and improve operational control," said Emmanuel de Bouard, managing director, international operations, payment services at OPI, Société Générale.

"Accurate NXG delivers scalability and flexibility to such an extent that for the first time, we can plan to deploy a single, enterprise-wide solution across our global operations. Unlike the common scenario where an organisation has to adapt to a product’s capabilities, Accurate NXG can be tailored to our individual country or organisational needs. Accurate NXG is an obvious strategic choice for our complex and challenging business."

Accurate NXG replaces Corona and Hermes reconciliation and investigation systems respectively from Smartstream Technologies. Accurate NXG will provide an end-to-end transaction processing solution for all of Société Générale’s reconciliation and exception management needs.

"Société Générale is an extremely well-respected financial institution and we are proud to add them to our growing list of tier one customers in the French financial services sector," said Dirk Van de Velde, executive vice president, Continental Europe, at Accurate Software. "Société Générale has recognised that Accurate delivers a winning combination of a flexible, proven solution with a partnership-based relationship, ensuring that Société Générale will remain an Accurate client for many years to come, not only in Paris, but worldwide."

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