Brussels-based depository Euroclear has selected Accenture as one of two strategic sourcing partners as it bids to get its stalled single settlement engine project back on track.
Under the agreement, Accenture will provide application development sourcing services to Euroclear. Although the details of the project are still being finalised, Accenture says it will help Euroclear build a new platform that will host its Single Settlement Engine.
Originally slated for introduction in 2005, Euroclear in December quietly pushed the timetable back by a year to 2006, ostensibly to address new recommendations for achieving cross-border harmonisation. The new platform will process cross-border trades from clients located in more than 80 countries and domestic trades from clients in Belgium, France, Ireland, the Netherlands and the UK.
Ignace Combes, deputy chief executive officer of Euroclear, comments: "We are increasing our investment in systems in order to consolidate the Euroclear group's different settlement platforms. Accenture gives us the application-development resources we need to meet our objectives in a flexible and effective way."
He says that Accenture's experience in delivering large-scale market infrastructure projects was a key consideration.