) clinched a deal with
Banco Bilbao Vizcaya Argentaria, S.A.
). Per the terms of the deal, Accenture will provide its services
and support to uphold and enhance the existing core banking system
('CBS') at BBVA's Chile subsidiary. No financial terms of the deal
has been divulged.
Banco Bilbao Vizcaya Argentaria provides financial services, which
include retail banking, asset management, private banking and
wholesale banking businesses across the world.
The CBS that is currently under use was implemented by Accenture.
In April 2011, BBVA selected Accenture's Alnova Financial Solutions
to employ a CBS across its subsidiaries. Accenture's Alnova
Financial Solutions is a core banking solution, which was developed
by its subsidiary Alnova Technologies Corp. The solution helped
BBVA in delivering real-time bank processing capabilities and
supporting increased transaction volumes while streamlining and
enhancing the bank's risk management functions.
Accenture's core banking solution has already been used by BBVA in
its operating units spread across nine countries. This recent
agreement furthers the relationship and we believe that the need
for CBS will increase the demand for Accenture's banking solution.
Core banking systems form the backbone of the information
technology (IT) infrastructures at banks. The system integrates
banking services through a group of networked bank branches. Bank
customers can access their funds from any of the member branch
They can also make simple transactions such as the opening and
transferring of deposit accounts, processing loans, mortgages and
payments. Banks make these services available across multiple
channels like ATMs, Internet banking and branches.
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Accenture's CBS solution is already being used by 200+ financial
institutions. The solution's increasing demand has attracted
recognition from Celent, an industry analyst firm. The firm
conferred the 'XCelent Functionality Award' to Accenture for its
contribution toward the successful implementation of CBS within
large and midsized institutions.
Accenture's comprehensive service offerings have made it a key IT
service provider. A large product and service base has also
provided the company a top spot in the market. Accenture has
regularly won deals from all industrial sectors as well as the
Though stiff competition from
) and significant European exposure are concerns, we have a
positive view on the stock given string synergies from its recent
acquisitions and deal wins.
Currently, Accenture has a Zacks #2 Rank, implying a short-term Buy