The European Investment Bank (EIB), the European Union's financing institution, is implementing Accurate Software's operational risk management software, Accurate NXG, to automate reconciliation processes at its headquarters in Luxembourg.
EIB will use the technology to automate reconciliation processes for its cash, securities and foreign exchange confirmations.
Accurate says the system will provide EIB with a single platform that will streamline back office processes and provide a comprehensive transaction control system across multiple business areas.
The product will also deliver improved information management via a browser-based dashboard, which provides a platform for users to analyse and distribute key information, and can be used to quantify risk at both a detailed and aggregate level.