Societe Generale announced a seven-year software-as-a-service (SaaS) contract with Nuvo Prime, a cloud-based software development and consultancy financial technology company. SocGen will implement Nuvo Prime’s flagship swap trading and management system, which will provide a delivery system for swap products to the bank’s institutional client base. The system is scheduled to go live in Q3 2020.
SocGen also has the option to implement the Nuvo Prime platform in the 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, in a statement.