Nov 2007 accenture making payments deliver


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Nov 2007 accenture making payments deliver

  1. 1. UK BankingPoint of view seriesIssue 3: Autumn 2007Making payments deliverStrategies for high performance in acommoditised payments market
  2. 2. Making payments deliverStrategies for high performance in a commoditised payments marketThe European Payment Services Directive (PSD) will be The changing landscape of paymentstransposed into UK law and come into force in the UK So far, the target date of Novemberby November 2009, opening the way for the creation of 2009 for the UK introduction of PSD is not seen as a priority by many UKthe Single Euro Payments Area (SEPA). Of these two banks, although the majority are nowclosely-related developments, only the PSD will apply preparing for the start of SEPA indirectly to banks operating in the UK, since SEPA applies January 2008. However, the immediate implications of the PSD for UK banks –purely to the euro-zone. But both changes bring summarised in the accompanyingsignificant implications for UK banks, because between information panel on the followingthem they will redraw the map of Europes rapidly- page – are substantial, ranging from the regulatory to the commercial tocommoditising – and increasingly consolidated – the cultural. And its wider marketpayments environment. implications go much further and deeper.By boosting market transparency and opening up the In our view, any bank that views theEuropean payments processing market to non-bank PSD as a purely regulatory change, and which takes a compliance-focusedentrants, the PSD will dramatically concentrate power approach to it as a result, is runningin the hands of providers with sufficient scale to serious strategic risks. Crucially, it mayprovide efficient payments processing and value-add at well end up hampering its own ability to compete in the newly-integratedlowest cost. Banks face a critical strategic choice about European payments marketplace – aswhere to reposition themselves in this new environment well as missing out on the substantial– and specifically whether to invest in their payments opportunities opened up by the PSD, and also by SEPA for euro-zonecapability and perhaps offer it externally, or get out of payments.payments altogether and outsource it to a third-party. Why? Because PSD is regulation with aOnce they make this choice, there are further key difference. Its aim is not about control (as with Sarbanes Oxley), financialcommercial, operational and IT decisions to be taken. stability (Basel II), terrorism or crimeThe winners will be those who make the right calls on (OFAC, FATF and the AML Directive).each of these critical choices. Instead, PSD is about creating a level playing-field characterised by open competition and transparent pricing for payments services across Europe. Given this objective, the changes to the way payments are regulated is merely the start of the sweeping change that will flow from the PSD. 1
  3. 3. Implications of the PSD PSD’s impact on competition The advent of open competition in With SEPA, the zoo will break open its What will the PSD mean for UK banks? PayPal: from zero to 35 million payments will have several impacts. cages. The lions (large acquisition- in Europe in seven years The PSD puts into law many of the rules created by the European For example, corporates seeking hungry regional banks) will continue to PayPal represents an impressive Payments Council, a self-regulatory body set up by European banks improved visibility of their cashflows dominate wide areas. The elephants success story in alternative payment will be able to turn to non-bank (major global banks) will lumber services. Founded in 1998, it has to create SEPA. However, the PSD also includes some important Payments Institutions instead of their around wherever they please. The now reached revenues of over additions, such as a requirement to complete credit transfers within banks for cash management services. undersized and vulnerable gazelles US$1.5 billion p.a., growing at over Corporates may also consolidate all (savings banks, local banks and state 30% a year. one day from November 2009, except where customers explicitly their euro payments and invoicing into banks), may seek safety in numbers, In Europe, PayPal has more than 35 agree to it taking up to three days (but only until 2012). The one pan-European centre or factory, but risk getting picked off by the million customer accounts, and introduction of the PSD in the UK from November 2009 will have and reduce their numbers of banking predators. And the nimble monkeys processed total payment volume of relationships and accounts as a result. (new entrants such as PayPal – see US$8.4 billion in 2006 alone. Of three main impacts on UK banks. These are: information box, opposite) will keep those 35 million accounts, 15 The move towards payments factories their distance while thriving in the million are in the UK _ equivalent • Prohibition of value dating – Under the cost base than banks due to lighter processing, combined with greater more open environment. to over a third of adults and half of PSD, the practice of value dating payments regulatory requirements. The effect will ease of payments across Europe, will all internet users. to the detriment of account holders will be be to intensify competition by creating significantly change the pattern of The effect on the payments market will outlawed. The intention is that the opportunities not just for established non- payments flows across Europe and be nothing short of revolutionary. customer receiving the payment will have bank Payments Institutions such as PayPal, boost cross-border euro payments European Banks have long been able to immediate use of – and interest on – the but for a vast array of other potential from their current low level. And at the regard their payments offering as an money from the moment it is credited to entrants such as technology and telecoms consumer level there will be increased annuity protected by national borders. the account. This provision will prevent the companies. cross-border payments by debit card, Under SEPA, the payments offering will practice of giving value to customer especially for online transactions. be new, unprotected and no longer • Increased European participation and accounts later than when the bank receives While debit card usage across Europe is national. So banks will face a choice engagement – While Irelands presence in their funds – a change which will result in high, many debit cards are not between getting out of payments as a the eurozone means both the PSD and SEPA banks losing a source of interest income, interoperable across borders in Europe. managed business; climbing higher will apply directly to banks based there, UK with the threat of criminal charges should Under the PSD, SEPA-compliant debit up the payments value chain; or banks will also find themselves having to they transgress. More positively, as the cards will overcome this hurdle. escalating their payments capabilities think and act with a far more pan-European permitted timeframe for credit transfers with enough commitment to compete perspective than before. In a trend already Breaking open the Payments Zoo narrows to one day by 2012, UK banks on a pan-European basis (see anticipated by recent consolidation activity, The jungle, and its associated move to near real-time Faster Payments will information panel on Do payments fit UK banks will be operating in a wider and opportunities and dangers, are often put them well beyond compliance. into banking – or outside it?) more open market with a wider range of used as a metaphor for market • Liability - the PSD prescribes liability customers across Europe. For example, competition. However, with the PSD a requirements which mean UK banks will cross-border payments will continue to more appropriate analogy is a zoo; one need to revisit their terms and conditions increase in importance – whether they be where the different types of bank – with both consumers and corporates (where remittances home by Polish workers abroad, domestic, regional and global – are individual, bilaterally agreed contracts will payments to pension payments to UK currently in separate cages within the need to be checked and renegotiated retirees in southern Spain, to corporate zoos grounds. where necessary) transfers around Europe. National • New non-bank payments institutions – governments may implement the PSD The PSD also opens the way for non-banks with varying degrees of regulation – a to provide payment services across Europe. lighter regulatory environment in the UK So called Payments Institutions, subject to will give banks and non-bank Payments minimum capital requirements, will be Institutions an advantage over their allowed to process payment transactions European counterparts and an opportunity from November 2009, and new entrants can to attract European business. There is be expected to compete with banks and opportunity for UK and Irish banks to existing institutions such as automated lobby their governments e.g. through the clearing houses. These Payments Institutions UK Payments Council or the Irish National are likely to be able to operate with a lower Payments Plan, to implement the PSD with a light touch.2 3
  4. 4. Payments Outsourcing European Consolidation Do payments fit into banking – or outside it? Competitive Repositioning in Europe In simple terms, banking is about borrowing short, lending long, M&A activity is strongly evident in Europe. The acquisition of ABN and managing the risks involved in both. Managing payments Amro gives the Royal Bank of Scotland a significant transaction transactions is a related but secondary activity that banks have banking capability and is a major milestone in its journey to taken to be naturally theirs. By collecting fees for these transactions, becoming a global bank. Banks are transforming themselves as banks have turned payments into a good revenue-earner in its own they reposition in the changing European and global banking and right, typically accounting for between 25% and 50% of revenues. payments landscape. The process has started and will continue However, post-PSD the opportunity to make cost and with greater capabilities, then it over the next five years. money from commodity payments transactions may make sense to outsource it to them. If a This transformation is taking place not just in relative minnows with annual revenues of less will shrink dramatically. So banks need to ask bank is sensitive about another bank seeing its banks, but in processors as well. Interpay in the than US$200m in most cases, compared to – say themselves whether they really need to own transaction flows, it can choose a non-bank Netherlands has merged with TAI in Germany to – commercial processors in the cards domain payments to support customer accounts – Payment Institution instead. form Equens, which has now acquired SECETI in such as First Data Corporation with global especially given the growing availability of There is a clear precedent for this shift. In Italy; Voca has merged with Link in the UK; and revenues of over US$7bn. Further consolidation transaction banks and other third parties who the US, the 1994 Riegle-Neal Act enabled US SIA and SSB have merged, also in Italy. These are among payments processors is inevitable. can provide these services innovatively and banks to expand across borders, triggering a some recent examples, and more consolidation is at scale. consolidation process that resulted in the handful sure to follow. In ACH processing, the key Banks will still want to manage their interactions of US transaction banks (Bank of America, La European processors are Equens, VocaLink, Stet, with account-holders. But if third-parties can Salle, JPMorgan Chase) we see today. SIA-SSB and EBA Step 2. However, these are still provide payment processing invisibly, at lower The new food chain This new food chain will have To thrive in the open zoo, the lions will Banks will be making these critical As well as experiencing strong different impacts on each of the main need to win more corporate customers, choices against a background of growth over the next few years, types of bank – local, regional and and to acquire other European banks continuing strong growth in European Europes payments industry will also global – requiring each to adopt to achieve scale. If they have no payments. The ECB reckons there are see a transformation in its competitive different strategies. realistic chance of claiming a place as around 360bn cash payments made in dynamics as a result of headlong a top-five/ten transaction bank, they 1. Local banks – the gazelles Europe every year, and 70bn non-cash consolidation. We believe that possibly too should outsource their payments Local banks have historically processed payments (the majority electronic and within five years, and certainly within transaction processing. large volumes of domestic payments, card payments, but also including ten, there will be only five to ten major giving them access to low-cost retail 3. Global Banks – the elephants cheques). Non-cash payments are transaction banks offering payments funds. These banks will face Historically, global banks have found it growing at 7% a year, which means services in Europe, each claiming diminishing transaction revenues from difficult to attract retail payments and that these volumes will be 50% market share of 10% to 15%, plus a existing national payments, coupled deposits in Europe, except in their bigger in five years time if the current similar number of non-bank Payments with intensifying competition. To home countries. Under the PSD, they growth rate is maintained. If growth Institutions providing elements of the prosper in a post-PSD world, they need will continue to struggle in this regard accelerates as a result of increasing use processing chain (see information to consider M&A with other banks in unless they acquire local or regional of contactless and other new payment panel on European consolidation). All Europe, or to focus on their retail banks. However they are better placed methods displacing cash, then non- the other banks – if they have not customers and local corporates to for organic growth with corporates. cash volumes could easily double by been consolidated – will outsource avoid losing them to the expanding So these elephants should focus on 2012. However, it is worth noting that payments. regional players – the lions. They poaching corporate business from sub- if all payments volumes grow in line should also consider outsourcing all scale banks, and/or acquiring other with GDP, then non-cash volumes payments processing to a transaction banks to penetrate retail markets. need to grow at about 10% a year bank and/or non-bank Payments Crucially, global banks scale, reach and before cash volumes actually start Institution. capabilities make them well-positioned declining. So cash is still very to become the dominant transaction important – and its usage is likely to 2. Regional banks – the lions banks in Europe. continue to grow in the near term. Despite strong domestic volumes, the regional banks will still be sub-scale on a European level, both in payments4 volumes and corporate market share. 5
  5. 5. Winning payments strategies for the PSD world As banks make their critical choice over which species National Champions - Global Champions - IT choices gazelles: Payments elephants: Payments Global banks should aim to have a of bank they are, or which to turn into, they face one strategic choices strategic choices single platform covering multiple key question: what will constitute a winning payments Commercial choices Commercial choices domestic, international, corporate and retail payments, built on a SOA strategy – and how can a payments business remain In the PSD zoo, gazelles are essentially These giants of the PSD zoo can architecture to maximise re-use of undersized and vulnerable. So they become the dominant transaction profitable amid headlong commoditisation? should act as niche players, defining banks in European payments. But first system components common across and selecting their target market they face critical choices around how different payment types. Common While the parameters for this strategy will vary between the three categories segments carefully – SMEs, savings to increase their market penetration, standards will increase efficiency and of bank, there are some core groundrules that they will all need to apply. offerings, public sector – and focusing scale and market share. support a single global view for These can be divided into commercial, operational and IT principles, and are on relationship management and managing liquidity and anti-money outlined in the accompanying information panel. Beneath these overarching • In terms of market penetration, customer service. This means retaining laundering obligations. principles, each type of bank faces specific choices. medium-to-larger companies front-office payments distribution, sourcing and selling outside their Regional Consolidators - viewing payments as a critical service local markets are an attractive lions: Payments Guiding Principles for all banks • Use partnering and/or outsourcing to rather than a core business, and target segment for global banks. strategic choices Commercial Principles achieve benefits in both costs and scale – deciding whether to act as a payments They can also tempt corporate consolidator or agency for local banks. The choices facing regional • Know and meet customer needs - under owning production will be a differentiator customers away from national consolidators lie between those of PSD, banks will need to understand only for players with enough scale to be Operational choices banks lacking European-level scale, the national and global champions. customers new and changing needs, and lowest-cost providers. Outsourcing some elements of and develop propositions for They need to jump one way or another, develop products which add value for them. • Rationalise external infrastructures/ payments processing – especially corporates own pan-European becoming either a niche player and • Extend the value proposition up the interfaces and correspondent bank transaction processing and the payments and invoicing factories. outsourcing their payments, or a value chain – this means using their relationships – to reduce the complexity of payments back office – should be high • To build scale, global banks should regional transaction bank with beefed- payments capability to add value for processing payments into and out of the on the PSD agenda for national consider acquiring other banks and up operational and IT capability. In corporate customers, for example by bank, thereby improving customer service champions. Rather than worrying leveraging their operating model to parallel, the lions need either to providing new payment methods at and revenue opportunities, and reducing cost. about loss of control, they should create value. acquire other banks, or to build a point of sale and helping them improve focus on the quality, pricing, and IT principles • For growing market share, global defence strategy through extensive their financial efficiency. flexibility of the third-party contract. • Implement a one-of-everything approach – transaction banks have an outsourcing and/or partnering with Many national champions participate • Retain and strengthen the customer to minimise the number of payments systems, opportunity to insource payments other banks to share infrastructure. in their local clearing infrastructures, relationship across the payments ecosystem based on buying capabilities rather than from national champions. It is and as these consolidate they face a through value-added services – perhaps building them. critical that the value proposition is decision on which clearing maximising convenience for consumers clearly defined – the challenges • Develop a modular, service-oriented infrastructures to use. through prepaid cards and real-time include working out how to provide architecture(SOA) – re-using and optimising IT information on their finances at the point IT choices a 1-to-many service with consistent through a portfolio, enterprise-wide view of payment. IT choices will be driven by the boundaries. across all payments channels and services. choice and scope of any outsourcing. Operational Principles • Use real-time, rules-based, message-based Operational choice However, a service oriented • Separate production from distribution and and parameterised components – to maximise A critical choice for the global architecture (SOA) will be important to information management – reducing performance, throughput and scalability, and elephants is to move to a global allow plug and play flexibility with complexity and cost, and improving flexibility, achieve one-touch straight-through- operating model as against a third party outsourcers, and to avoid by keeping transaction processing separate processing. regional/European one. This creates getting locked in over time. from marketing and sales. opportunities to share workload • Maximise customer self-service capabilities – • Implement a single, common, generic process globally between processing centres for thereby driving cost reduction and market for payments – supported by a standard daily load balancing, 24x7 customer differentiation. transaction data structure, to replace service and business continuity. • Implement track-and-trace capabilities for Channels, products and product fragmented vertical stove-pipes. operational control – to reduce investigations, processing can all be standardised • Create parameterised rules-based customer- improve customer service, and enable features globally, while still enabling mass centric service – to support customisation such as intra-day interest calculation. customisation to meet local and and help meet regulatory requirements. customer-specific needs. Other operational choices include which payments and electronic invoicing infrastructures to use across Europe.6 7
  6. 6. Customer Propositions and MarketAdoption under PSDWithout a winning strategy for PSD supported by the right choices,banks ultimately face being forced involuntarily out of the paymentsbusiness by intensifying competition and commoditisation. However,success will not only need the right strategy – but an ability tounderpin it with the right customer propositions, and to innovate togenerate new revenue streams.Many other industries have thrived in Merchant enablement Many retailers across the world are Supply chain/e-invoicing Payments insourcing Faster Payments may give UKthe face of headlong commoditisation. Merchant enablement allows dissatisfied with the cost of accepting Invoice processing and payments Payments insourcing from other competitive edgeOne is investment banking, where the merchants to sell more at lower cost. cards, and merchant-focused card across Europe remain complex, banks is a business opportunity for tier In Europes borderless paymentsmost significant revenues today come For many years, credit cards have done propositions such as Revolution in the market under the PSD, UK banks expensive and lacking in standards. 1 banks and global transaction banks.from recently-developed products such this by making it easier for consumers US and Payfair in Europe are starting decision to go for near real-time However, growing corporate usage of To enter this market, banks need anas credit derivatives. Another is the to pay and providing a credit facility. to appear. These present a further faster payments from May 2008 electronic invoicing hubs such as Xign, efficient, industrialised internalsemiconductor industry, where, for Prepaid cards are also proving good at threat to bank revenues, but also serve may provide them with a Burns, and OB10 is now creating an payments operation that can then beexample, a leading chipmaker claims increasing impulse buys, with some to demonstrate the opportunity to competitive edge in the battle for electronic supply chain ecosystem, opened externally. Providers will alsoalmost 90% of the revenue it receives merchants citing sales increases of meet merchant demand through new payments transaction processing including e-invoicing hubs, corporate need to ensure both paymentsin December is from products launched around 40%. merchant enablement propositions. business across Europe. Through the shared service centres for payments operations and IT can support multiplesince the previous January. EBA Step2 PrieEuro payments and invoicing, corporate-to-corporate banks on a re-usable basis without Banks need to build on this experience Consumer fulfilment scheme, continental European banks electronic connectivity for invoice and customisation, and will need to allowRoutes to added value and take merchant enablement to the Ideally, consumer fulfilment will are currently aiming for a four-hour remittance information, and bank-to- for the costs of business acquisitionFor banks involved in payments, these next level by innovating – something enable consumers to pay over multiple settlement cycle, which would not – corporate electronic connectivity for and management.examples point to one imperative: that new entrants such as PayPal are channels, wherever and whenever they for example – be able to support consumer fulfilment enabling payments, cash management and soadding value, by extending the already doing. This means embedding want. This means mobile payments – The business case for offering payment to be conducted and on. E-invoicing offerings will exploitproposition up the value chain. For payments capability into merchant whose mass-adoption will finally be insourced payments services will settled on the spot in a retail this emerging ecosystem viaexample, two areas where banks can processes, and providing merchants driven by the combination of the depend on the providers ability to location or restaurant. Similarly, partnerships between banks, ERPadd value for their corporate with market and consumer intelligence mobile phone with Near Field provide core payment operations at VocaLink, the UK payment vendors and corporates. As electroniccustomers through payments are: to drive sales, across websites, vending Communication (NFC) technology for below market-level costs, and above processing provider which will invoicing takes off, it will form the machines, mobile devices and more. contactless payments. Real-time market-par customer products. The• Marketing and Sales – where banks operate Faster Payments, has a anchor for supply chain propositions payments will add even more value to customer will benefit by being able can help corporates sell more and To succeed, merchant enablement strategy for entering the European giving corporates visibility of their this combination, so UK banks access market; it is expected to claim a to drop a non-core competence, cut lower their cost of sales; programmes will need to: cashflows and providing finance. to Faster Payments in near real-time position as one of the two or three costs and become more efficient• Financial and Supply Chain • drive consumers to the merchant; may well give them an edge against pan-European automated clearing and effective. Operations – where banks can help • allow merchants to target their continental competitors (see houses (ACHs) that banks will hook corporates improve their financial specific consumers with specific information panel). Consumers also up to in the PSD world, and with its efficiency, and – where appropriate propositions using consumer want convenience in managing their Faster Payments capability, it will – physical supply chain efficiency. intelligence; finances, by having access to real-time have a clear competitive advantage.The customer propositions within a • make it faster and easier for information on their account balanceswinning strategy can be categorised consumers to pay/buy anywhere, and outgoing follows: anytime; To provide this convenience, retail• Merchant enablement • capture consumer impulses, versions of the cash management because consumers can commit and applications typically used by• Consumer fulfilment pay immediately; corporates will be offered to• Supply chain/e-invoicing • provide security and reduce risks for consumers through internet and• Payments insourcing. both merchants and consumers. mobile banking. Consistency across channels will be vital, with internet, mobile, ATM, branch and call centre having the same functions and information.8 9
  7. 7. A Transformation Roadmap Overall, it is clear that in five years time the European • The Business programme has Achieving payments transformation: primarily a revenue agenda, and key success factors payments industry and its customer propositions will focuses on customers, products, For many, re-positioning for the be very different – and that developing and delivering pricing and revenue generation, new payments landscape will not be possibly split between retail and easy. The change required is pervasive these propositions will require serious investment in corporate. It should establish a – and the winners will need to be bold innovation. To compete, banks will need to reposition middle office function and recruit and highly-committed. Crucially, and transform their payments business, requiring key the new product development transformation on this scale requires and management team that will partnerships, to gain access to strategic decisions, such as whether to remain in the define customer propositions. specialist know-how, share risks and payments business at all. This programme is the ultimate make it happen. It will be critical to driver, owner and arbiter of the choose a partner who can assemble business requirements needed by the right global capabilities to help Our experience and research in One key question for many banks is the Operations and IT programmes. drive the transformation forward. the payments industry has enabled how to decide what to outsource and At Accenture, we believe our • The Operations programme us to create a roadmap for the how to choose a supplier. The starting combination of Consulting, focuses primarily on cost transformation necessary to create a point is to identify the cost distribution Technology and Outsourcing services optimisation and business successful payments business under of payment services, and focus on complemented by deep expertise in enablement. It should take any the PSD. Neither big bang nor high-cost, low value-adding tasks – the payments industry, makes us outsourcing decisions early and incremental change is likely to work. such as investigations – that a third- ideally positioned and qualified to set about rationalising and Instead, the expectation should be party might handle better and more be your partner of choice. consolidating operations and geared towards a heavy-duty change cheaply. The task then is to engage interfaces to external programme sustained over several with suitable third parties. infrastructures. years. We will now look at the key External infrastructures components of the roadmap. • The IT programme also has a cost At root, payments is – and will and business enablement focus. Regulatory compliance remain – a network business. So It is likely to have the longest The current priority for many banks is external infrastructures are critical, gestation and incur the highest compliance – with PSD, SEPA, MiFID, especially correspondent banking cost, but is dependent on the and so on. However, this work should networks and ACHs. The major other two programmes. This be aligned to a long-term payments transaction banks need to drive the programme starts by defining the strategy. This alignment should include rationalisation of ACHs to reduce overall (SOA) IT architecture, making making changes once, while avoiding overcapacity and complexity. Non- build-versus-buy decisions, and throwaway solutions or solutions that transaction banks need to decide selecting the most appropriate core might hinder future actions, for whether to participate directly in an payments platform. Renewal of the example around outsourcing. ACH, or outsource to a transaction systems infrastructure may have to bank or specialist payments institution. Strategy and operating models extend to core account Each banks strategy needs to be The transformation programme management systems. based on a realistic view of the future The next step is to press ahead with payments landscape, enabling it to planning and executing the payments choose a position within that transformation. A proven approach is landscape – as a national champion, to run three parallel programmes for regional consolidator, or global all payments, covering the Business, IT champion. Then several critical and Operations. strategic choices – commercial, operational and IT – need to be made, and a target operating model for the payments business defined and created.10 11
  8. 8. Contact detailsJeremy LightGlobal Banking Industry Team –Programme DirectorAccenture Financial (0)20 7844 2917Julian SkanHead of Payments UK&IAccenture Financial (0)20 7844 5125About the authorJeremy Light is a member of ourGlobal Banking Industry Team. Hisresponsibilities include setting thestrategy for our payments work inEurope for our practices in eachgeography, and providing thoughtleadership for them on payments inEurope and on SEPA. He has over 20years of consulting experience and hasworked with banks, card processorsand ACHs on payments strategies,operating models, requirementsanalysis and systems implementations.He also led the work for and wrote ourrecent European Payments Survey.The Banking Point of Views SeriesThis is a series of articles aimed atproviding insight into topical issuesfacing the UK banking industry. If youwould like to learn more about theseries and other articles issued, pleasecontact Geetika Rai.Tel: +44 207 844 5982 orgeetika.rai@accenture.com12
  9. 9. Copyright © 2007 Accenture About AccentureAll rights reserved. Accenture is a global management consulting, technology services and outsourcing company. Committed to deliveringAccenture, its logo, and innovation, Accenture collaborates with its clients to help themHigh Performance Delivered become high-performance businesses and governments. Withare trademarks of Accenture. deep industry and business process expertise, broad global resources and a proven track record, Accenture can mobilize the right people, skills and technologies to help clients improve their performance. With approximately 170,000 people in 49 countries, the company generated net revenues of US$19.70 billion for the fiscal year ended Aug. 31, 2007. Its home page is