Established in 2005, CACEIS is a banking group specializing in asset servicing: depositary trustee-custody, fund administration and issuer services for institutional and major corporate customers. With 10 locations worldwide (France, Luxembourg, Germany, Ireland, Belgium, the Netherlands, Switzerland, the United States, Canada and Bermuda), and 3,230 employees, CACEIS ranks 10th internationally for custody services. It has assets under custody totalling 2,300 billion euros. The Group is also one of Europe's leading players in fund administration, with a total of 950 billion euros of assets under administration.
Managing Sensitive Data for the Investment Bank
The problem to be solved for CACEIS was twofold, as Martial Perrot, the CACEIS EDM Project Manager explained:
"First of all, because of our line of business we are legally obliged to keep a record of all our customers' documents, which, at the start of the project in 2007, represented around 80,000 pages, with increasingly large storage space requirements."
Another difficulty encountered by CACEIS was the management of transactional orders. Transfer clerks, responsible for entering and validating these orders, have only a few minutes to verify the customer's signature and thus confirm the order to transfer the funds - an operation of ever- increasing difficulty in light of the constant rise in the volume of transactions to be processed, and the number of customer files managed by CACEIS. The Bank opted for a simple EDM solution to meet its very precise, specific requirements and selected Alfresco.
Enhancing Customer Service
The aim of the first stage of the project was to set up the appropriate infrastructure to accommodate the EDM architecture and scanning processes.
The second phase consisted of two simultaneous projects: the first involved the digitization of paper files. The second project consisted of developing the incoming EDM flows with an MMI communicating with the Alfresco repository via Web Services.
At the end of the first half of 2008, 200 transfer clerks and 10 people in charge of customer files started to use the Alfresco solution. Transfer clerks can now verify order signatures in a few seconds and certify conformity. As for the people handling customer files, they are able to search for, access and store all customer-related documents in one secure digitized file.
High-Volume Document Scanning & Capture
With over 50,000 documents, solutions also had to be found to problems arising from differences in document formats or staples and bindings holding together certain documents in order to obtain the best possible document capture result.
Next, these 50,000 scanned documents had to be imported into the EDM system. A veritable challenge but one which has now borne fruit as the entire CACEIS Central File is now in electronic format and fully usable by all of the 210 daily users of the system.
Why Alfresco was chosen
The Alfresco business model, based on open source software, enables flexible solutions to be offered with an excellent TCO, compared with proprietary solutions. These advantages clearly had a positive impact on the choice made by CACEIS in light of its four essential criteria for the project:
- Long-term viability
- High performance
- Cost of the solution
As Martial Perrot explained:
"Alfresco met these four pre-requisites, to which can be added vendor flexibility. Alfresco was able to react in order to meet our needs and provide us with a high-performance, stable EDM solution."
Benefits of Using Alfresco
Alfresco has provided a permanent solution for CACEIS to accommodate high volumes of data combined with secure shared access to information.
After only a few months of use, significant benefits have already been observed that meet user needs
on three levels:
- Extensive Functional Capability
- High Performance
CACEIS is now planning a widespread implementation of document and content management throughout the Group since requirements are ever-increasing and the number of paper documents exponential.