| A consolidated,
standardized Profit & Loss
application delivers cost
efficiencies and
transparency for one of the
largest financial services
institutions in the world |
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The Client
The client is one of the largest financial services institutions in the world and has 200 million customers in over 100 countries. It is a leading global consumer and corporate franchise and a major player in the global economy. Nearly 300,000 employees carry forward a legacy of service, integrity, and leadership that is 200 years in the making. |
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The Challenge
The client had a suite of complex and SME-dependent applications. System performance was hampered by issues like:
- Limited ability to accommodate increasing volumes
- Inflexible accounting methodology for handling complex securities and products
- Increased risk exposure and cost
- Decentralized reporting
- Lack of multi-entity/currency capability
- Limited interest control and allocation capabilities
The client needed a fully integrated Global Trade Profit and Loss application that could interface with more than 50 external systems. |
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The
solution
Our teams worked closely with the client to understand the legacy applications and the modernization methodology that would best serve their needs. The highlights of the solution included:
- Common P&L processor for cash products to facilitate same-day, global P&L reporting. This offered:
- Full functionality across regions and local time zones
- Facilitation of a centralized FX exposure management process
- Flexibility to operate on any business day
- Common interface to ledgers and sub ledgers to facilitate a consistent adjustments process
- Enhanced control over netting and affiliate activity
- Singular P&L reporting, front-to-back reconciliation and adjustments vehicle
- Reference data migration and consolidation
The enterprise application is built on SOA principles. The project was executed in multiple phases using agile development methodology. Test cases were fully automated for regression using our proprietary solution accelerator, ART. We ensured high availability (24x7, 2 hr recovery period) through proper classification and monitoring of information security risks. |
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features
- Common P&L processor
for cash products
facilitating:
- Same-day Global P&L
reporting
- Full functionality
across regions and local
time
zones
- Facilitation of a
centralized FX exposure
management process
- Flexibility to operate
on any business day,
regardless of whether it is considered a local
holiday elsewhere
- Common interface to
ledgers and sub ledgers
to facilitate:
- Consistent adjustments
process
- Enhanced control over
netting and affiliate
activity
- Singular P&L
reporting, front-to-back
reconciliation and
adjustments vehicle
- Reference Data
migration &
consolidation
We also provided value
added services like:
- Large pool of business
analysts for business
process re-engineering
- Provided training to
client team on emerging
technologies like
Rational Suit and TIBCO
BW
- Established process
and methodology around
usage of rational and
Ab-Initio
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the benefits
- New system supports 1.8 million transactions and 1.2 million positions per day
- Iinterfaces with over 50 up stream/ down stream applications
- Mitigates risk
- Improves and centralizes control
- Establishes common standardized global processing
- Supports regional processing
- Realizes cost efficiencies
- Enables business growth
- Provides greater transparency for Business
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 Download |
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Thank you for your dedication, professionalism, hard work, commitment to team work, and personal sacrifices that have contributed significantly towards the successful deployment of this critical consolidation and implementation project. I am very proud of your professionalism, and well-earned-confidence that you are demonstrating with every interaction with the clients and technology organizations globally. Again, congratulations for a job well done and keep up the good work!Sr. Vice President