The corrected release reads:
DEUTSCHE BANK MOVES RECONCILIATION SERVICES TO SMARTSTREAM TO FURTHER IMPROVE PROCESSING AND REDUCE COSTS
As part of its transformation strategy, Deutsche Bank has selected SmartStream Technologies’ Centre of Excellence (CoE) to provide an off-site operations platform - including three services which will allow the bank to streamline, simplify and reduce the costs of its reconciliations environment.
With the growth in volume of reconciliations, the processing of large quantities of data has become complex. Many financial institutions are exploring utilities to ensure accuracy and cost savings. With the addition of the CoE to Deutsche Bank, SmartStream will provide the bank with three distinct managed services: Reconciliations On-Boarding, Production Support and Operational Reconciliation Services.
The new services will improve processing of reconciliations by making it faster and more cost-effective. The integration of the overall service will be done in a phased approach, where Deutsche Bank will increase productivity and reduce costs through mutualisation.
SmartStream’s Transaction Lifecycle Management (TLM®) Reconciliations Premium solution performs Nostro and Securities, as well Intersystem reconciliations at Deutsche Bank and the CoE will manage all of these processes. Further efficiencies will be gained by reducing the complexity of systems, processes and technology, whilst creating a governance structure to define best practices for all reconciliations at the bank.
No comments:
Post a Comment