SmartStream Technologies, the financial Transaction Lifecycle Management specialist, today announced that one of China’s leading banks has purchased TLM Reconciliations for reconciling cash, stock, foreign exchange and derivatives transactions.
The bank was using a number of manual or semi-automated processes across different divisions to reconcile a range of transactions. It wanted to replace this with an enterprise reconciliations platform that would deliver higher levels of automation to increase productivity, reduce transaction processing costs and maintain its competitive position.
The organisation selected TLM Reconciliations as its enterprise reconciliations platform having successfully used the solution at its head office. As a long-term SmartStream client using the TLM Trade Finance solution, the bank was confident that SmartStream’s technology could support its operational objectives for reducing risk and cost. Scalability was also a critical factor in the technology selection as transaction volumes have increased significantly in recent years.
Richard Cummings, Regional Director for SmartStream in Asia Pacific, said: “As the Chinese market continues to grow, banks are looking at ways they can increase efficiency as a means to keeping up with customer demand and improving customer service. We are delighted that one of Asia’s leading banks has made the decision to extend their relationship with SmartStream and has selected to implement TLM Reconciliations across the enterprise. Using the solution throughout their business will enable them to meet their customer service objectives whilst supporting their growing volumes and helping to control risk and cost.”
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