Fortis Bank UK Goes Live with SmartStream Investigations
April 16, 2004
SmartStream Technologies, the leading Transaction Management solutions provider, announced today that it has implemented its Investigations solution at Fortis Bank UK.
Investigations is being used by Fortis Bank to deliver an integrated Reconciliations and Exceptions handling capability, which automates all follow up activities arising from the reconciliation process and delivers significant process and cost efficiencies. The Investigations product is integrated with other SmartStream products, which Fortis Bank uses globally to manage the reconciliation of Cash and Securities transactions as well as FX Confirmations.
Now fully implemented at Fortis Bank the Investigations solution covers all the necessary steps from reconciliation, identification and assessment of exceptions, right through to the resolution of any errors – and in real time. The products ability to automatically investigate outstanding confirmations, mismatches or failed trades in real time, is vital to an organisation if they want to speed up settlement times and reduce their risk exposure.
David Ahmad, Head of Finance at Fortis said: “We are pleased with the SmartStream solution and had no hesitation in deepening our commitment to SmartStream Technologies. SmartStream’s products are used throughout the Fortis Group. SmartStream's latest module has delivered the automation and efficiencies we were seeking from the previous labour intensive 'Investigation process' within the Nostro reconciliation function.
Mark Cappell, Managing Director, SmartStream, Northern Europe commented: “We have worked very closely with Fortis for many years now and recognised that the bank could derive accelerated benefit from adding this functionality to their underlying system, giving them a higher level of control over the reconciliation process. We could see that our Investigations module made real business sense, in that it would allow the bank to attain its goal of increased operational efficiency and reduced operational risk in one step.”
The Corona modules for reconciliations and exception management are the mostly widely installed in the world.