SmartStream Technologies, the financial Transaction Lifecycle Management specialist, today announced that Turkey’s most valuable bank in terms of market capitalisation, Akbank, has selected SmartStream to automate its treasury confirmations matching.
Akbank has grown substantially both domestically and abroad, leading deposits to increase by 32% as of the end 2008 and generating a net profit of $1.17 billion. With its transaction volumes growing rapidly, Akbank implemented a new treasury system and wanted to automate its previously manual back office processes for confirmations matching.
The bank has selected SmartStream’s TLM Corona to deliver this automation, creating more efficient processes that will support its drive to continually improve customer service and maintain its position as Turkey’s leading bank in a highly competitive market.
Remzi Süha Dede, Division Head – Treasury and Capital Markets at Akbank, commented: “Using TLM Corona will enable us to automatically match confirmations in real-time for FX, derivatives and money markets trades. So we will be able to process these instruments more effectively and support higher transaction volumes. It also supports more proactive operations and will help to further reduce operational risk.”
Christian Schiebl, Executive Vice President, SmartStream Technologies, said: “Akbank has built a strong reputation in Turkey as an innovator that uses technology to deliver new products and services to their retail and institutional clients. We are delighted they have selected SmartStream as a strategic partner to support their vision and growth plans. Turkey is a dynamic market and highly competitive where institutions invest in leading solutions to overcome operational challenges. With TLM Corona, Akbank can continue to deliver the products and services their clients have come to expect by efficiently managing transaction volume growth.”