Microgen Launches System to Integrate Finance and Risk Data
Addressing the needs of the financial services market to implement seamless finance and risk controls, Microgen Plc (LSE: MCGN) today launched Version 3 (V3) of its Accounting Hub. With the ability to process hundreds of millions of transactions per hour, Microgen Accounting Hub V3 links finance and risk data from across the enterprise and enables firms to rapidly gain insight into performance and risk.
The Microgen solution serves Chief Financial Officers, Chief Risk Officers and Chief Information Officers enabling the holistic management of financial performance and operational risk "´ based on consistent data that is auditable and traceable back to the source transactions. Microgen Accounting Hub V3 provides the ability to integrate, standardise, store and process granular finance and risk data from across the enterprise. Microgen´s existing customers use the platform to rapidly generate multi-GAAP accounting and will be able to perform finance and risk calculations such as expected loan loss, funds transfer pricing and Basel 3 metrics.
Banks have traditionally managed finance and risk operations with disparate processes and IT systems. Limited by legacy IT infrastructure, banks often struggle to gain a timely, consistent view of their financial health, to validate financial results and to address new regulatory requirements (e.g. Basel 2.5 / Basel 3). New reporting requirements often take valuable resources away from performing value-add performance and risk management functions.
"Traditional financial systems were not designed to provide the analytic capabilities or detailed insights needed by today´s large global banks to address current and future regulatory and management reporting regimes," says David Sherriff, CEO of Microgen Plc. "When CFOs are able to reduce the number of data integration points, they increase the accuracy of finance and risk reporting. We are excited by the ability of Microgen Accounting Hub V3 to improve banks´ finance and risk operations."
High-Performance Cash Flow Engine for Retail Banking
Microgen Accounting Hub V3 delivers a new Cash Flow Engine, empowering retail banks to accurately model future income from a wide portfolio of holdings. Highly accurate cash flow information is a key input to retail banking operations, but existing banking IT systems can´t always provide timely calculations of cash flows "´ a large retail bank may have tens of millions of mortgages each with monthly cash flows twenty to thirty years into the future. Microgen Accounting Hub V3 enables banks to rapidly perform cash flow calculations and analyse results across any dimension and down to the most granular "per account" level of detail.
Based on recent bench marking tests, Microgen Accounting Hub V3 Cash Flow Engine has achieved the result of processing over 650 million cash flows per hour calculating the cash flows on a retail banking mortgage portfolio using an 8-node Teradata 2690 System.
The test results demonstrate that Microgen Accounting Hub V3 scales to deliver the high transaction-processing performance required by leading global banks and financial services firms who need to process, manage and manipulate an exponentially increasing volume of data often in an ever decreasing window of time. Microgen Accounting Hub V3´s performance makes previously impossible things possible, e.g. calculating intra-day P&Ls and performing daily product and customer profitability analyses.
Relevant Links
From October 21-25, Microgen will present at PARTNERS, the Teradata User Group conference on how a Microgen Teradata solution is helping firms across industries to improve financial, risk, and compliance reporting.
Register for the October 10 webcast beginning at 2:00 PM ET, Architecting Financial Transparency for Business Value."
White paper: "The Road to Financial Transparency: An Architected Approach to Next Generation Finance Architectures."
Listen to a podcast that explains the concept of an accounting hub. Microgen solution for Financial Services Customers
About Microgen
Founded in 1974 and listed on the London Stock Exchange (MCGN) from 1983 Microgen is headquartered in London with offices worldwide.
Microgen provides innovative, enterprise class software platforms that help its customers to differentiate their capabilities and rapidly exploit new business opportunities. Microgen software solves problems including the creation of new software systems, the automation of complex business processes, the management of a high-volume or complexity of transactions, and the integration of existing legacy systems and data across the enterprise.
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