Accenture has partnered with Broadridge to launch an outsourcing services solution aimed at helping European investment banks reduce post-trade processing costs.
The Post-Trade Processing service, based on Broadridge's securities processing technology, will be offered to European and Asian customers looking to outsource back office functions. The service is designed to reduce cost per trade and will cover areas such as settlement, books and records, asset servicing, operational management and control, real-time data access and administrative accounting.
By outsourcing back-office functions, investment banks will be able to launch products and enter new markets more easily, Accenture said.
Accenture announced French financial services firm Societe Generale Corporate & Investment Banking (SG CIB) as the first customer of the service, with a number of SG CIB employees with post-trade processing skills joining the outsourcing firm as a result.
"Societe Generale Corporate & Investment Banking and Accenture share the same vision of what could be the future model for securities processing among investment banks: industrialising some services by mutualising processing activities and costs across multiple institutions," said Christophe Leblanc, Chief Operating Officer, Societe Generale Corporate & Investment Banking.
"We are happy to be the first client of Accenture Post-Trade Processing, a pioneering solution that sets a new industry standard for efficiency in securities post-trade processing, and which will enable us to deliver top quality services to our clients."