Accenture Wins Banking Deal - Analyst Blog
May 31 2011 - 1:11PM
Zacks
Accenture plc (ACN) recently entered into an
agreement with a subsidiary of Credit Agricole Group, one of the
largest European retail banking conglomerates. The Group selected
Accenture’s services for CEDICAM, its payment flow and systems
subsidiary. Financial terms of the deal were not disclosed.
Under the terms of the agreement, Accenture will develop an
information technology (IT) platform for CEDICAM. The advanced IT
platform will ensure an easier and smoother collection process of
European payments as per the requirements of the European
Commission and the French regulator.
Accenture’s solution will enable CEDICAM to launch a new payment
processing platform for its clients. The platform will make
electronic payment (card payments, credit transfers, direct debits
and cross-border processing) simpler and flexible for
Europeans.
Accenture shares a good business relationship with the Credit
Agricole Group. The Group has been leveraging support from
Accenture since 2007 and has modernized its payment operations and
systems. Accenture’s proven expertise in developing payment
processing systems prompted the Group to deploy its services. We
believe that success at CEDICAM could attract more deals from the
financial services vertical.
Accenture has been successful across various industrial sectors
as well as geographical regions. Recently, the company announced
that it will collaborate with Anheuser-Busch InBev
(BUD) on a digital merchandising service intended to help the
brewer’s point-of-sale activities.
It also won a five-year consulting and outsourcing services
contract from CEVA Logistics and a two-year information technology
services contract from Israel Electric Corporation. Moreover,
Accenture’s core banking solution has been deployed by
Banco Bilbao Vizcaya Argentaria S.A.’s (BBVA) U.S.
banking subsidiary.
Apart from this, Accenture has also gained a strong foothold in
the insurance vertical.
We are encouraged by the healthy growth in revenue and bookings
in Accenture’s recently concluded third quarter of 2011. However,
the economic turmoil in Europe and competitive pressure from
IBM Inc. (IBM) could considerably rationalize
Accenture’s growth prospects.
Accenture has a Zacks #3 Rank, implying a short-term Hold
recommendation.
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