The ASTEC project (i.e., Assets Securities and Accounting System) is implementing a new investment accounting tool, NeoXam GP4, to simplify and optimize the treatment of multi-standard accounting, social standards, and IFRS9. This project covers the scope of the Regional Mutuals, the French subsidiaries, and the integration of two international subsidiaries.
After 30 months of implementation, the ASTEC project was built on time in production and within budget at the beginning of 2023. The project’s success improved the solution’s functionality, security, and auditability.
Adopting NeoXam GP4 targets around 43 French entities with about €90bn of assets, and 1800 portfolios, covering multi-chart of accounts and multi standards (Insurance, Common Law, French GAAP, and IFRS 9).
Why NeoXam GP4?
NeoXam GP4, a tool employed by numerous insurers and asset management firms, supports multi-standard accounting, including French standards and IFRS. The flexible system can be customized by project teams to meet specific needs, such as those of Groupama and Regional Mutuals. Its ability to generate accounting standards at multiple dates aids in efficient closings. The tool handles a wide range of financial instruments including traditional securities, forward financial instruments, repos, margin calls, and collateral. The project team has selected SIX as the provider of financial data for the GP4 tool.