Bank of Scotland (Ireland) selects SmartStream's TLM for strategic STP initiative
September 05, 2005
SmartStream Technologies, the market leading provider of Transaction Lifecycle Management solutions, today announced that Bank of Scotland (Ireland) has selected TLM to support a strategic STP initiative across their Finance & Treasury divisions.
In a single deal Bank of Scotland (Ireland) has licensed TLM Process Automation (TLM PA), TLM Cash Management and TLM Reconciliations to automate and control their payments and receipts processes across the business.
John Bissett, Head of IT, Bank of Scotland (Ireland), explained “Using TLM we are building automated, volume insensitive processes that will enable us to deliver the highest level of customer service and further reduce risk as we continue to expand our operations.”
SmartStream’s TLM PA and TLM Cash Management will provide the bank’s Finance & Treasury divisions with visibility across their entire payments process. Automated workflow, designed around the firms own business rules, will enable the bank to eliminate paper work and reduce re-keying of data – dramatically driving down opportunity for human error.
Payments will be automatically managed from start to finish – standing settlement instructions will be identified and automatically attached to the payment, which will be seamlessly routed from the Dealers to Treasury Services. Once reviewed and approved TLM will automatically route the transaction to Settlements in SWIFT format for payment. As the payment progresses through its lifecycle TLM Reconciliations will be used to verify the transactions – reducing risk even further by highlighting possible exceptions.
Commenting on the project, Steve Moss, UK Managing Director, stated “We are absolutely delighted to be working with Bank of Scotland (Ireland) on this project. TLM’s flexibility, integrated workflow and scalability make it the perfect platform for automating the banks processes and delivering greater control and visibility. This investment the bank’s making in TLM will deliver a future-proofed Payments system to support their business today and in years to come.”