SmartStream Technologies, the market leading provider of Transaction Lifecycle Management solutions, today announced that Saxo Bank, a world leading online trading platform for foreign exchange, currency products, and multiple other securities, has purchased TLM Corporate Actions
Saxo Bank selected TLM Corporate Actions to deliver greater control to its rapidly expanding business. Rising event volumes, fuelled by the firm's growing business and an increase in their cross border activity, created scalability issues that forced the Copenhagen based organisation to rely on expanding employee numbers. This reliance on manual processing challenged the firm to control operational risk and cost in their high growth environment.
TLM Corporate Actions was selected for its lifecycle approach to automating the complete event management process; from cleansing and scrubbing data, to creating the golden record through to managing the election management process. By consolidating its operations on best in class, automated processes the organisation will not only be able to reduce operational risk, but also ensure scalability and improve customer service.
"For a fast growing organisation like Saxo Bank time to market was a major driver behind our decision to select a packaged application rather than pursue an in-house build. TLM Corporate Actions will improve our event management processing capabilities immediately, delivering scalable business processes whilst maintaining tight control of risk and cost," Henrik Alsoe, Director Business Projects, Saxo Bank, explained.
Commenting on Saxo Bank's decision Christian Schiebl, European Regional Director, SmartStream stated: "Were delighted that Saxo Bank selected SmartStream to help them build an automated and scalable approach to corporate actions. Their decision to implement TLM clearly demonstrates the market leadership we have established in the corporate actions market. When it comes to time critical projects even companies that pursue a ‘build rather than buy’ strategy recognise the advantages packaged Corporate Actions solutions deliver."