Sydbank selects SmartStream TLM Corporate Actions
November 29, 2004
SmartStream Technologies, the market leading provider of Transaction Lifecycle Management solutions, today announced that Sydbank, the fourth largest bank in Denmark, has selected TLM Corporate Actions.
The independent Danish bank has purchased TLM to automate their Corporate Actions processing and allow expansion of their customer base and transaction volumes without increasing headcount. Egon Rohden, Vice President, Markets - Operations, Sydbank explained, “Sydbank is a Custodian for Danish securities for foreign banks. To continue to grow this business and provide an integrated and seamless service for our clients we needed to move from manual processes to an automated solution that would enable us to handle 15022 messages.”
SmartStream’s TLM Corporate Actions provides firms with a complete solution for Data Capture, Data Cleansing, Corporate Actions Processing and Accounting. The solution includes Reference Data Manager, Event Manager, Entitlements Manager and Voluntary Response Tracking – all of which combine to create a flexible approach to managing complete Corporate Action lifecycles.
Bankdata, an IT bureau service company for 15 Danish banks, provides outsourced IT services to Sydbank, as such they will be responsible for the service delivery and first line support of TLM Corporate Actions. SmartStream worked with Bankdata during the evaluation period to determine that TLM Corporate Actions would provide Sydbank with the fastest time to market.
Boye Nielsen, Senior Manager, Bankdata, commented “Bankdata typically develop solutions in-house for our clients, in fact up to 90% of the software we provide is produced in-house. However, by working closely with SmartStream we recognised that the business case for “Buy vs. Build” was clear. TLM Corporate Actions delivers a flexible packaged application with global functionality that would enable Sydbank to gain a rapid return on investment. Our target go-live for the project is mid 2005.”
Commenting on the new contract signing, Jim Hannibal, Regional Manager, SmartStream Northern Europe, stated “We are absolutely delighted that Sydbank and Bankdata both recognise the comprehensive functionality that SmartStream’s TLM Corporate Actions delivers. Corporate Actions is an important part of SmartStream’s business as we help organisations around the world take control over their transaction lifecycles. It’s great news to have Sydbank join the growing list of leading financial institutions using TLM Corporate Actions.”