CACEIS, the asset servicing business within Crédit Agricole Group, has migrated to NeoXam’s GP3 accounting system with the intention of operating a single platform that will provide its institutional and mutual funds customers with an improved user experience and regulatory compliance. The platform has also been implemented to attract new client business.
The company selected NeoXam ahead of SimCorp to replace an in-house legacy system developed on the basis of vendor software. Working together, CACEIS and NeoXam implemented the project in 14 months. CACEIS’ largest clients were onboarded to the platform late last year, with the remainder being onboarded in the first quarter of this year and the solution being rolled out to about 1,000 users.
As well as providing core accounting and regulatory solutions, the NeoXam platform improves efficiency and enriches the user experience by offering features such as value added data around compliance and cross-checking of the consistency of valuations used in different processes. NeoXam has also developed and added what it calls square reconciliation, which consistently checks accounting data and provides a fast close, allowing institutional customers to close their accounts not only yearly, but at any time, to measure performance.
Commenting on the selection of NeoXam GP3, Jean-Pierre Michalowski, deputy CEO at CACEIS, says: “We selected NeoXam as we were convinced it has the best market expertise and a state-of-the-art solution capable of achieving our current and future ambitions. We expected to have a new platform that would increase our efficiency and add value to our business, in order to better serve our clients. We achieved this target and we’re now ready to expand our business with a new offer designed to address the most demanding requirements of the institutional market, as well as increasing regulatory pressure.”
Serge Delpla, CEO at NeoXam, adds: “Our project delivery at CACEIS is an outstanding achievement. Where competition painfully executes similar projects within a three- to five-year timeframe, with budget excesses, NeoXam completed this very ambitious project three days ahead of deadline. CACEIS helped us improve our high volume ability and enrich our functional scope with unique features.”
For NeoXam, this is the largest project it has implemented, but more customers are in the pipeline and will add to over 150 around the world that are already using the company’s financial software solutions.