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German financial services firm apoBank selects TLM Corona to reduce operational risk through standardised processing

SmartStream Technologies, the financial Transaction Lifecycle Management specialist, today announced that Germany’s Deutsche Apotheker und Ärztebank (apoBank) has selected TLM Corona to create a set of standardised transaction processes.

As Germany’s largest cooperative bank, apoBank serves individuals and organisations involved in social welfare occupations, including pharmacists, physicians, dentists and veterinary surgeons. Its focus on client service and efficiency has enabled it to grow significantly and today apoBank has more than 330,000 customers and assets of approximately €41 billion.

apoBank examined the market to find a solution that could support compliance with audit requirements, reduce risk and introduce standardised transaction processing across its back office operations. After investigating its options, the bank selected SmartStream’s TLM Corona for Cash, Securities and Investigations. The TLM Corona solution will be used for daily and monthly internal reconciliations between apoBank’s core banking and fund accounting systems, as well as reconciliations between internal and external accounts.

Axel Schneider, Area Manager, Operations at apoBank, said: “apoBank is continually looking for ways to embed processes and controls that deliver greater efficiency to the business. We required a solution that was capable of automating critical transaction processes, ensuring greater visibility on both a daily and monthly basis. The TLM Corona solution matched those requirements, delivering a high level of automation and in a standardised manner through a single solution. This should enable us to create more efficient operations and continue to deliver the best possible service to our unique range of customers.”

Christian Schiebl, Executive Vice President at SmartStream Technologies, added: “We are delighted that apoBank has chosen TLM Corona to create standardised processes for its cash and securities transactions. Its decision shows TLM Corona’s competitiveness in providing a strategic and flexible solution that will allow the institution to reduce costs and operational risks.”