The wide ranging scope of the project involves automatic reconciliation and message matching, inward payment and securities processing and cash management. Overall the goal of the project is to introduce higher levels of Straight Through Processing (STP) with a corresponding reduction in the manual intervention currently required to process data into and out of the Olympic system.
Kristina Lund, Head of IT at Nordea Bank S.A., said: 'Our pre-project analysis indicated that significant levels of STP and control could be achieved by deploying the additional e2gen modules. Additionally, we are looking at minimising risks to the bank. However, before placing this new order we investigated a number of existing and potentially new suppliers before committing to placing e2gen at the heart of our back office strategy, alongside the Olympic system.
The first phase of the project will improve Cash and Custodian Reconciliation processing procedures using the e2gen reconciliation modules. Additional phases of the project include automating inward payments and securities processing, with e2gen automating the booking of inward transactions in Olympic.
The e2gen Securities Message Matching Module will also be incorporated into the workflow to match and monitor securities message orders, settlement instructions and confirmations - ultimately controlling settlement in Olympic. e2gen will also automate the generation of any associated outward messages that are required for this part of the processing. Introduction of the e2gen Asset Transfer module will also provide the controls and automation for transferring assets between custodians, significantly simplifying this largely manual activity. Whilst the bulk of the processing will be focused on SWIFT messages, a range of other data formats will also be processed by e2gen.
Within the Treasury area, the e2gen Cash Management module will automate the management of Nostro positions (currently predominantly a manual procedure), with the added bonus of providing sweeping of the client accounts held in Olympic.
Peter Truckle, Sales Manager at Aqua Global, said: 'It is always great news to hear clients confirming our belief that the key to improving efficiency in the back office is the depth and strength of e2gen's integration with their back office system coupled with the ability of e2gen to provide a complete Transaction Cycle Processing environment.'