SmartStream, the financial Transaction Lifecycle Management specialist, today announced that German firm Augsburger Aktienbank (AAB) has implemented TLM Corona, automating its account and holdings reconciliation processes.
AAB, based in Augsburg, Bavaria, was the first branchless bank in Germany offering retail investment funds and services, and today it manages more than €8 billion in investments. As part of an IT overhaul that has included a new core banking system, AAB wanted to introduce a single platform capable of processing a variety of transaction types.
The firm selected TLM Corona’s Cash and Securities modules to manage transaction processes previously handled by a combination of the old core banking system and individual point solutions. The new solution, hosted at AAB’s parent company LVM Versicherung in Münster, is now live, processing the firm’s cash account and holdings reconciliations for both internal nostro and external accounts such as Clearstream.
Martin Dumbs, Head of Transaction Centre at AAB, commented: “The higher automation rate that we have achieved within the daily reconciliation using TLM Corona is a significant benefit. The system also offers a better documentation of already reconciled accounts so they can also be analysed retrospectively to ensure continuous process improvement. Another significant improvement is the ability to set up an unlimited number of partners within the nostro reconciliations processes, which supports the rapid growth of AAB and the expansion of the number of business relationships we have created.”
Christian Schiebl, Executive Vice President at SmartStream, added: “AAB is an innovative and highly successful firm that offers a wide range of services to retail customers. As a result of its continued expansion it has undergone a major IT transformation project and I’m delighted that it has selected TLM Corona as its reconciliation solution. AAB’s decision shows TLM Corona’s competitiveness in providing a strategic and flexible solution that will allow the institution to reduce costs and operational risks.”