SmartStream Technologies, the Transaction Lifecycle Management specialist, today announced that Banco Santander, part of the Spanish Santander Group, has gone live on TLM Reconciliations.
Banco Santander, the eighth largest bank globally by market capitalisation, selected TLM Reconciliations after a competitive review process in May 2007. The company has since implemented TLM Reconciliations to support the group’s reconciliation consolidation strategy and to better respond to current and future market and regulatory challenges.
The implementation is based on a centralised shared service centre model that will support the whole Santander Group. The solution includes reconciliations capabilities for cash, securities, and FX confirmations, as well as intersystems reconciliation, and reconciliation of complex treasury products such as SWAPS and OTC Derivatives.
Commenting on the project, Luis Corbolan, Director of Reconciliation Operations, Santander, said: "TLM Reconciliations has provided us with the flexibility and scalability we needed to build a common reconciliation platform for the group. By creating an agnostic reconciliations processing capability we are able to handle complex transactions like OTC derivatives as well as more standard instruments. This on-time, on-budget project has enabled us to gain even greater control over our processes and further reduce operational risk and cost."
Christian Schiebl, Regional Director, Europe, SmartStream Technologies, stated: "We are delighted that a long standing customer such as Santander has decided to base their strategic reconciliations operations around TLM. Santander is renowned for its operating efficiency and we are very pleased that it has selected and implemented TLM to deliver its vision of a shared service centre."