WestLB implement Web based Enterprise wide Audit & Control Architecture with SmartStream
September 20, 2004
WestLB is live with TLM WebConnect, the Web portal onto the SmartStream STP Control Architecture. This Go Live represents the latest milestone in the bank's strategy to deliver an enterprise-wide Audit and Control Architecture and further evidence of SmartStream's accelerating Web roll out.
TLM WebConnect is the zero footprint client which enables WestLB to distribute reconciliations information from the TLM Reconciliations application throughout the organisation. For the first time, TLM has allowed the Reconciliations & Investigations departments in Düsseldorf and London to have a single, unified system to process, investigate, manage and report on all transactions.
Leigh Robinson, Director Operations Control, WestLB, explains the bank’s strategy to adopt an Audit and Control Architecture. “The first stage in the project is to standardise on SmartStream’s TLM Reconciliations as the strategic solution to manage global reconciliations of all financial instruments. By replacing a variety of reconciliation and investigation tools we will be able to streamline our reconciliations process, centrally control all breaks and create a flexible operations team capable of supporting the variable workloads across our operations in London and Düsseldorf”
Robinson continues “TLM WebConnect is central to the enterprise-wide Audit and Control Architecture. It allows WestLB to cost effectively roll out Reconciliations & Exceptions Management application and information to our large and geographically dispersed user base.”
WebConnect revolutionises the approach that banks can take to, not only deploying their reconciliations solution, but also sharing reconciliations and exceptions management data. As banks increasingly look to breakdown internal silos and implement single, global processes the decentralisation of information and global access to unified systems is essential. TLM WebConnect incorporates a unique Design Studio delivering total flexibility of screen and process design which allows banks to deploy global its processes over the internet or intranet.
WebConnect is a thoroughly modern, scalable J2EE service and has proved to be a more cost effective and high performing alternative to hosting client server based applications on Citrix farms. As a pure internet application, WebConnect makes the need to own and manage Citrix farms redundant.
Neil Vernon, Product Director, SmartStream, comments, “Banks are increasingly seeing the value that a - Recs Everywhere - approach can deliver. WestLB are a prime example, in addition to the Control and Audit benefits they are making a number of significant cost savings. By consolidating on TLM Reconciliations they are removing maintenance charges on multiple systems and slashing costs.”