ODDO BHF, a unique, independent European financial group with roots in Germany, France, Tunisia, and Switzerland, has subsidiaries throughout the world. The group’s 60,000+ clients include institutional investors, companies, distribution partners, and major private clients whose financial assets total 142 billion euros. Its mission is to make those assets grow through three business lines: private banking, asset management, and corporate and investment banking.
ODDO BHF rolled out the Axway Financial Accounting Hub solution during
its overhaul of the accounting and reporting information system required by
its status change from investment service provider to credit institution. In
addition to being incompatible with French regulatory requirements, the old
accounting system was rigid, slow, costly, and prone to manual errors.
The Axway solution employs a rule-based system that manages all data
streams from the various business applications, translating and enriching
business events into accounting entries. This transformation relies on several
accounting standards and provides the level of detail required to populate the
accounting key of the CODA accounting application (Unit4).
Using this solution, the Finance Department can autonomously manage the
data, rules, and schemas involved in the production of accounting rules.
Financial Accounting Hub also makes it possible to transform and enrich a
financial event as a function of multiple accounting rules (e.g., local and IFRS)
and normalize entries consistently across the various accounting ledgers.
The tool enables the department to process the various file formats received
from different back-office applications and generate proper output files to
populate the CODA accounting system, EVOLAN regulatory system, and
LCB Core Banking. As a result, the department can support all ODDO BHF
businesses lines. In total, ODDO BHF automates the integration of financial
data flows from 15 business applications.
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