Banca Akros reduces Operational Risk using Corona Continuous Linked Settlement (CLS)
March 05, 2007
SmartStream Technologies, the market leading provider of Transaction Lifecycle Management solutions, today announced that Banca Akros has deployed Corona CLS
for automated transaction matching.
Banca Akros, one of the prime Investment Banks in Italy, implemented Corona CLS to automatically match all relevant transaction data between all CLS settlement members and provide a complete transaction audit trail. In doing so the firm has been able to achieve its compliance obligations as well as highlight exceptions as early as possible in the Transaction Lifecycle, thereby reducing settlement failures. Commenting on the project, Mr Ferrante Zilioli, Head of Organisation and IT, explained, “Implementing Corona CLS enabled us to effectively reduce operational costs and risk. By fully automating these previously manual processes our employees workload has been reduced by 30 percent.“
An essential criterion for selecting Corona CLS was its ability to capture all transaction data streams in any format and from disparate systems. “Automating our transaction matching ensures data integrity, enhances data quality and reduces the number of errors. This enables tight control of the operational risk involved whilst ensuring full compliance to our internal audit requirements” Luigi Ceresini, Operational Risk Manager of Banca Akros, concluded.
Commenting on the project Pasquale Gizzi, Country Manager SmartStream Technologies Italia, stated “We are committed to delivering innovative solutions for our clients complex business processes. The powerful matching capabilities of Corona CLS enable institutions to replace traditional manual processes with fully flexible reconciliation of disparate data streams, gaining immediate benefit from reduced operational risk and improved audit control.”