London, April 11, 2006. SmartStream Technologies, the market leading provider of Transaction Lifecycle Management solutions, today announced that Bank of Scotland (Ireland) has successfully completed a project to automate their Payments and Receipts processing.
The Bank implemented TLM Process Automation and TLM Reconciliations to automate and control complex real time systems and processes across their Finance & Treasury divisions. Commenting on the project John Bissett, Head of IT, Bank of Scotland (Ireland), explained, "Our business is expanding rapidly, payments and receipt transactions have more than doubled in 6 months and we continue to anticipate growth of around 20% per year. This project is delivering a return on our investment - enabling us to proactively manage growth whilst ensuring we maintain tight control over our operational costs and deliver the highest level of customer service."
Bank of Scotland (Ireland) is now using TLM Process Automation to receive transaction data from their treasury systems; SmartStream's rules based Workflow identifies the transaction type and determines the appropriate course of action. TLM Reconciliations automatically reconciles notifications and confirmations based on predefined matching criteria, allowing users to focus resources on exception management.
SmartStream's web portal, TLM WebConnect, provides management with real time insight into their Payments and Receipts operation. Dashboards detail cash positions across all main accounts and currencies as well as providing a wide range of operational views from daily Account activity through to Reconciliation, Payments and Daily Balance reports. All of which assist management in maintaining a high standard of operational control over the growing business. TLM also provides the Bank with a complete audit trail of all processed transactions.
Bissett, explains "Implementing TLM has delivered significant benefits to Bank of Scotland (Ireland) – we now have a centralised process management hub for Payments and Receipts. The complete operation is automatically managed from start to finish – delivering a greater level of operational control"
Commenting on the project, Steve Moss, UK Managing Director, stated “This successful project is a further endorsement of TLM's ability to create scalable, flexible applications that deliver significant ROI to our clients. Bank of Scotland (Ireland) has transformed their Payments and Receipts operation to support the firm's significant growth by becoming volume insensitive and delivering a much greater level of operational control.”
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