Microgen Launches System to Integrate Finance and Risk Data

| October 19, 2012 | 0 Comments


Addressing the needs of the financial services market to implement
seamless finance and risk controls, Microgen Plc (MCGN.L) 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

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
PLs 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.

# # #

Get to know Microgen:



Microgen is a registered trademark of Microgen plc and is used by
Microgen’s subsidiary companies, Microgen Aptitude and Aptitude are
trademarks or registered trademarks of Microgen Aptitude Limited.
Microgen Aptitude – European U.S. Patents Pending (for more
information please refer to our website: http://www.microgen.com/uk-en/company/patents-and-trademarks)

Teradata is a trademark or registered trademark of Teradata Corporation
in the United States and other countries.

Alice Jackson
+44 20 8811 2126

Filed Under: Credit Card News

Leave a Reply

You must be logged in to post a comment.

Get Adobe Flash player