Accurate's Operational Risk Management Solution streamlines transaction
processing and achieves more than 85% automation
Accurate Software today announced that Silicon Valley Bank, a U.S. based commercial bank, has significantly improved productivity since deploying Accurate's Operational Risk Management Solution to automate the reconciliation of its domestic and foreign currency bank accounts. The bank began its cash reconciliation system replacement project in 2003 and worked closely with Accurate Software as its enterprise partner to support the transformation. Since go-live in February 2004, Silicon Valley Bank has achieved more than 85 per cent automation on specific reconciliations, significantly enhancing productivity, reducing costs and its exposure to operational risk.
Silicon Valley Bank required an advanced reconciliation solution capable of
automating domestic and foreign currency bank account transactions and balance activity. The bank needed an experienced partner to strengthen its global services platform and facilitate rapid business expansion. Following an extensive evaluation of the market, Silicon Valley Bank selected Accurate because of its deep understanding of its business requirements, Accurate's professional and partnership approach to the project, and the ease-of-use and depth of functionality of Accurate NXG.
Accurate NXG, built on the four competencies of reconciliation, exception
management, workflow and business intelligence, has enabled Silicon Valley Bank to achieve an automatic match rate of more than 85 per cent on its Federal Reserve Bank accounts, and more than 75 per cent on all other accounts since going live. By re-engineering its business processes with Accurate NXG, Silicon Valley Bank now achieves a very high rate of straight through processing.
Accurate NXG provides Silicon Valley Bank with a single risk control framework for reconciliations, ensuring improved management of outstanding items and better business reporting across the enterprise. With the increased efficiencies delivered by Accurate NXG, staff can now dedicate more time to higher value tasks such as improving customer service.
Accurate phased the implementation into manageable pieces to ensure a smooth
migration path that would not impact on customer service. The advanced capability of Accurate NXG has resulted in exceptional automated processing
rates, and has vastly reduced Silicon Valley Bank's exposure to operational
Gary Gibbs, executive vice president for North America at Accurate Software, said: "Accurate is proud to be working in partnership with Silicon Valley Bank. Together we have implemented an innovative control framework to centralise core financial processes and improve productivity and manage risk. Silicon Valley Bank has achieved superior returns through our consultative business-driven services model and proven technologies. This is a strategic win for Accurate and confirms our rapid expansion in the North American financial services marketplace."