Bank Leumi Switzerland is live with SmartStream's Corona reconciliation solution for their Foreign Exchange, Cash and Securities transactions.
Furthermore the bank installed Corona Active, which pro-actively notifies users of any exceptions as early as possible in the transaction lifecycle. Corona Investigations is being used to automatically process identified exceptions both pre- and post settlement.
"We receive excellent support from SmartStream's local representatives who have customized the business functionality to perfectly suit our needs. Extensive interfacing to other applications enabled us to achieve Straight Through Processing (STP) on an operational level with Corona being the central software used for inquiries. It saves us a lot of time doing our daily business and improves the service we can give to our clients. To management this approach enables transparent investigation processes and full control over the risk," says David Miller, Head of Operations in Zurich.
Bank Leumi Switzerland, the Israeli owned Swiss Bank replaced an internally developed reconciliations system with the world leading Corona solution in order to not only receive superior functionality but also achieve a common graphical user interface and handling process for users across bank's different departments. The standardisation of interfaces and processes has helped the bank create a more flexible workforce, where employees are familiar with the handling and processing of open cases assigned from other colleagues.
"Another major advantage of using Corona is its ability to easily integrate into our existing Unix based system environment" adds Miller. "At SmartStream we advise our clients to work towards the development of an STP Control Architecture - a non invasive solution, which allows them to create joined-up processes, re-engineer workflows that leverage legacy technology and when the timing is right replace them. This is exactly what Bank Leumi are doing" commented Christian Schiebl, SmartStream Country Manager Germany and Switzerland. "SmartStream's Corona reconciliation solution was able to quickly and easily integrate into the Bank's existing systems and has already had a positive impact in removing some of the redundancy that comes with multiple disparate systems whilst at the same time it has helped them to increase their STP rates and reduce cost".
The bank evaluated several other reconciliation products and found Corona to be the best match, meeting their business needs as well as platform requirements. Additionally, SmartStream differentiated its solution with the rich domain experience delivered by the consulting services organisation during both pre- and post sales situations. "SmartStream's consultants demonstrated an in depth knowledge of our business needs, sharing their view of industry best practice and helping us to evaluate the right solutions. Essentially, they were able to talk our language, which saved us considerable time during evaluation and implementation of the system. SmartStream's consultants helped us to get to where we wanted to be - and they did it quickly" David Miller concluded.