Societe Generale announces the signing of a long-term contract for the implementation of SwapScale, by leading investment banking Fintech, Nuvo Prime Ltd.
Societe Generale announces a seven-year software-as-a-service (SaaS) contract with Nuvo Prime, a cloud-based software development and consultancy financial technology company. As part of the contract, Societe Generale will implement Nuvo Prime’s flagship swap trading and management system, SwapScale, a next generation cloud-based application. The SaaS offering will enable Societe Generale to deliver swap products to its institutional client base using best-in-class cloud technology. The system is scheduled to go live in Q3 2020.
“Our clients are looking to us to implement leading edge technology and in doing so, improve the agility, functionality and efficiency of the operations. That is the essence of our digital and innovation strategy”, said Richard Déroulède, Head of Prime Services and Clearing at Societe Generale. “Nuvo Prime’s cloud native scalable technology enables digital transformation to take place rapidly, in a controlled and cost efficient manner. With it, we can scale up Prime Finance to service our clients’ needs”, he added.
Under the terms of the arrangement, Societe Generale has the option to implement the Nuvo Prime platform in its prime brokerage business, which will combine swap and cash prime finance position-keeping, financing and reporting on an integrated technical infrastructure.
“A unified Prime Services offering will deliver efficient transactional management and control, while enabling our clients to express their investment strategies across products and asset classes worldwide. Nuvo Prime’s high level of automation and intuitive workflow tools will greatly simplify our client service and middle office operations while enriching our client offering,” said Charlie Day, Head of Equity Prime Brokerage at Societe Generale.
Andrew Bain, Co-Founder and Co-CTO of Nuvo Prime, said: “Within the space of two years, running essential production workloads in cloud has gone from being treated with a degree of skepticism to becoming highly desirable in a financial services setting. Banks are increasingly focussed on cost and operational efficiency, where cloud computing can bring important advantages, but its strength is compliance and flexibility. Security, resiliency and scalability are amongst those benefits and are Societe Generale’s principal focus. We are delighted to be working with them to take part in their digital transformation strategy for their Prime Services offering.”