SmartStream Technologies, the Transaction Lifecycle Management specialist, today announced that Standard Chartered Bank has selected SmartStream’s TLM Reconciliations to create a global reconciliations platform.
Standard Chartered, a leading bank in Asia, Africa and Middle East, has built a strong reputation in emerging markets for delivering customer-centric operations. As part of an ongoing strategic review to ensure the bank continues to put in place best in class solutions, the bank highlighted reconciliations as a potential area for development.
With the bank growing rapidly and volumes rising, Standard Chartered has chosen to integrate its existing reconciliations process into a single reconciliations platform using TLM Reconciliations. This will enable the bank to increase efficiency, help reduce operational risk in its back office operations and further improve its customer service levels.
Sahba Saint-Claire, COO of Financial Markets, Standard Chartered Bank, said: “SmartStream’s TLM Reconciliations is the ideal solution for creating a single, automated reconciliations platform. We selected SmartStream because they offer a best-of-breed solution which suits our needs and enables us to manage our global growth and meet volume demands, while at the same time benefiting from economies of scale. Introducing exceptions-based processing will also help to reduce our operational risk by enabling our staff to focus only on those transactions that represent a significant issue. With the advantages TLM can clearly bring to our Financial Markets operations we’re already examining its use in the wider bank.”
Commenting on the deal, Richard Cummings, SmartStream’s Regional Director for Asia Pacific, said: “We are delighted that Standard Chartered has chosen to invest in TLM as a long-term, scalable solution for processing its global transactions. TLM provides a robust, scalable solution enabling Standard Chartered to effectively support its operations around the world and, crucially, provide the highest level of service to its clients. This deal is also further proof of SmartStream’s ongoing penetration of the Asian market and highlights, once again, how our range of TLM solutions can help the leading financial services firms in this region overcome the operational challenges that come from continued, rapid growth.”