The Co-operative Banking Group (CBG) is re-engineering its accounting processes to reduce management overheads and improve efficiency.
The Co-op is installing a centralised Teradata data warehouse platform as part of its core Financial Transformation Programme. The new system integrates credit risk and accounting data into one integrated data warehouse environment.
The first part of its Financial Transformation Programme - the replacement of its core banking systems - has been delivered to corporate users. CBG needed to augment this new operational environment within a business intelligence environment. CBG purchased Teradata and its Financial Services Data Model (FSLDM) to act as a foundation for credit risk and accounting based business intelligence.
The model is expandable to the entire enterprise so that other functional business intelligence can be serviced in the future, so creating a single source of the truth for CBG.
Within the Programme, Microgen's Accounting Hub and Microgen Aptitude technology is being used to feed the the Teradata data warehouse with finance information. Accounting Hub supports customer account level journal information as well as general ledger summary data.
This combination allows CBG to align risk and finance data back to the general ledger and group financial statements. The Microgen systems also support account mapping and accounting rules creation, replacing older, less open interfacing into the general ledger, said CBG.
Ian Wade, change manager at CBG, said: "Teradata and Microgen offered us a cost effective, scalable solution that offers new insight for our accounting and credit risk business community."
The system deployed was chosen over similar systems offered by the likes of Oracle, said CBG.
Last year the Co-op Bank allied with identity management firm GB Group to supply anti-fraud technologies to local authorities and other public sector organisations. The technology offered was designed to help tackle benefit, recruitment and housing tenancy fraud.