Calypso Technology, a US-based provider of application software solutions, has said that Credit Agricole CIB, the corporate and investment banking division of the France-based Credit Agricole Group, has gone live in 23 locations across EMEA, APAC and the Americas with the Calypso system to support its global back office processing of FX, money market and FX derivative products.
The Calypso platform is centrally installed in Paris, providing remote access to 23 locations worldwide, leveraging functionality for workflow, back-office position management, trade confirmation, settlement and payments, cash transfers, reporting, auditing and event processing.
According to the Calypso, although its solution is installed as a single instance, the flexible architecture of the system has allowed for local adaptations of the workflow, accounting rules, reporting and interfaces.
Frederic Coudreau, head of capital market operations at Credit Agricole CIB, said: “The project has enabled Credit Agricole CIB to automate and consolidate back office operations on a global, enterprise-wide basis for multiple treasury, FX and FX derivative products. In many regions our STP rate has increased to 98%, and across the board there has been a reduction in IT and operational risk.
“Furthermore, we have seen improved customer service through the comprehensive reporting system, which was easily adapted to meet regional requirements. Calypso Technology has delivered an impressive global platform for growth, allowing us to expand rapidly and enter new markets with ease knowing that we can meet specific local requirements through simple system configuration.”