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Saxo Bank selects TLM Cash and Liquidity Management to deliver greater efficiency to its nostro accounts

Solution delivers real-time view of balances, liabilities and payments to support more proactive cash management

SmartStream, the financial Transaction Lifecycle Management specialist, today announced that Saxo Bank has selected TLM Cash and Liquidity Management to deliver a holistic, real time view of the bank’s nostro balances and support more proactive operations.

Saxo Bank took the decision to implement a new solution in order to reduce operating costs through better utilisation of long cash balances and reduced overdrafts. It also wanted to improve operational efficiencies by moving to an automated and exception driven process, and reduce operational risk by resolving breaks on an intraday basis. This would enable it to know its liquidity exposure in real time, improve customer service by reducing the number of counterparty investigations and pro-actively identify problematic customer payments.

After examining potential solutions, Saxo Bank selected TLM Cash and Liquidity Management due to its ability to deliver a single view across its nostro accounts, enabling the bank to make better, more informed funding decisions.

Mr. Henrik Alsøe, Executive Director at Saxo Bank, commented: “The decision to select the TLM Cash and Liquidity Management solution was made as it will enable us to deliver more efficient and cost effective nostro operations. With TLM we can reconcile, in a sophisticated manner, different views of the same cash flow, for example expectations, part confirmations, SWIFT actual confirmations and bank statements. That will ensure only validated, up-to-date information is used to base our funding decisions on. The solution will also make our nostro operations more proactive, as staff will be alerted to significant events such as overdue payments to ensure the bank cannot be left holding an uninvestigated large payment.”

Phil Cantor, Senior Product Manager at SmartStream, added: “As banks increasingly automate their interbank intraday payments reporting, it means balances can be funded or invested more accurately. This allows complex cash ladders with automated or manual pre-cut off and forward sweeping of cash, cross-currency cash (FX swaps) and collateral (repos). That supports banks to make better use of their cash through, for example, the avoidance of using costly overdraft facilities, or incurring penalty charges for lost or missing payments. The overall result is more cost effective operations that will lower the bank’s risk and improve its efficiency.”

Christian Schiebl, EVP at SmartStream, stated: “We are delighted that Saxo Bank has selected TLM Cash Management for such a critical project. We are continuing to see a high level of interest in our cash management solution as a result of recent market turmoil and the increased regulatory attention on firm’s internal systems and processes, acting as a catalyst for the introduction of greater intra-day capabilities.”