This is Teradata’s first partner bid with Microgen.
According to a release, Teradata Corporation has won its first partner bid with Microgen to re-engineer the accounting process of the Co-operative Banking Group (CBG). CBG is part of the world's largest consumer co-op and recognised for its ethical banking approach. The UK-based organisation 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. Predicted benefits include increased usability of data, reduced management overheads and improved time efficiency.
The first release of its Financial Transformation Programme (the replacement of CBG core banking systems) has been delivered for Corporate customers. CBG needed to augment this new operational environment with a world class business intelligence environment. CBG purchased Teradata and its Financial Services Data Model (FSLDM) to act as a solid 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, thus creating a single source of the truth for CBG.
Within the Programme the Microgen Accounting Hub (MAH) and Microgen Aptitude is used to feed the GL and the Teradata data warehouse with finance information.
“MAH supports customer account level journal information as well as summary GL data. It is this level of detail that enables CBG to align risk and finance data back to the GL and Group Financial Statements using the transparent and open MAH architecture on Teradata” commented Elizabeth Sipiere Divisional MD EMEA and Asia PAC at Microgen.
The use of MAH also enables CBG to de-risk the implementation of other strategic systems by using the Microgen Accounting Hub and Microgen Aptitude for account mapping and accounting rules creation, replacing older, less open interfacing into the General Ledger.
Over the last 18 months Microgen continued to optimise their software to make effective use of Teradata’s highly scalable MPP architecture. CBG system users were impressed with the partnership and the performance that Teradata offered with Microgen over Oracle. This will be the first retail bank implementation that optimally integrates Teradata and Microgen solutions and offers a new scalable accounting solution for retail banks.
“We are delighted to have signed a contract with Teradata and Microgen. Together, they offered us a cost effective, scalable solution that offers new insight for our accounting and credit risk business community,” explains Ian Wade, who is Change Manager at CBG.
“We have been working with the Retail business at the Co Op for many years and are now delighted to have the Financial division of the Co Op as a new customer. We are looking forward to working with CBG on this exciting project,” says Chris Armitage, Teradata Area Vice President.
“Our close relationship with Microgen is viewed as strategic within Teradata. Together with Microgen, we have a range of solutions that will benefit the market and we are committed to delivering on this new and exciting business intelligence application.”
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