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SmartStream signs State Bank of India (Singapore)

Singapore, 9th June 2003. SmartStream Technologies, the leading Transaction Management STP solutions vendor, is pleased to announce that State Bank of India’s Singapore branch has implemented Corona, SmartStream’s market leading modular solution for transaction processing. The solution has been deployed to automate the bank’s Nostro reconciliation operations.

State Bank of India is India’s largest bank with assets of more than US$71 billion and 9,034 domestic branches. The bank has a strong reputation and serves more than 90 million customers worldwide. It is ranked among the top 25 Asian banks in terms of Tier 1 Capital. The Singapore branch is among its 50 overseas operations.

State Bank of India selected Corona following a stringent evaluation of a number of reconciliations solutions. Corona fitted the bank’s requirements perfectly, as it was looking for a solution with comprehensive functionality combined with a short implementation cycle. Corona forms a fundamental part of the bank’s strategy to streamline its operations, reduce risk and increase productivity.

Speaking on behalf of State Bank of India, Mr Prem Singh, Head of Operations said: “We performed a detailed evaluation of the reconciliations solutions on the market and decided on SmartStream’s Corona solution due to its comprehensive functionality and proven track record. The fact that Corona is so widely adopted by the financial community in the Asia Pacific region added to our confidence in our selection. Now, following a very successful implementation that was both on time and on budget, we are absolutely convinced that SmartStream Technologies was the right choice.”

Prior to installing Corona, State Bank of India performed its reconciliations manually, which was cost, time and risk intensive. The implementation of Corona has enabled the bank to streamline operational processes by delivering automation to this previously manual environment. Corona has also allowed the bank to improve its audit and control procedures as a result of this.

This is not SmartStream’s only success with the State Bank of India. The bank’s Foreign Department (1) in Kolkata is also a user of SmartStream’s leading edge technology. This second competitive win with the bank further highlights SmartStream’s ability to effectively leverage existing customer relationships to open up new opportunities. It is this ability that has enabled SmartStream to dominate the reconciliations marketplace both in Asia and abroad.

Andrew Raymond, Managing Director, SmartStream Technologies Asia, commented: “We are proud to be selected once again by State Bank of India. The bank’s decision to choose us over the competition is a strong endorsement of our leading position in the Asia Pacific region. We pride ourselves on our ability to build strong relationships with our customers. Reputation and experience in Asia Pacific are key. By constantly delivering on our promises we have earned a reputation as trusted partner and it is this that enables us to open so many doors.”