SmartStream Technologies, the financial Transaction Lifecycle Management specialist, today announced that Banque Cantonale Vaudoise (BCV) has implemented its TLM Corona Universal Data solution to manage their complex reconciliations problems and to increase control over their operations.
BCV, which was founded over 160 years ago to serve the people of Vaud, offers a full range of services, including personal, corporate and private banking as well as asset management. BCV is now Switzerland's second-largest cantonal bank, and one of the country's top five full-service banks.
Though BCV was already using SmartStream's TLM Corona solution for its cash and securities reconciliations and exception management, some of the bank's more complex reconciliations were being managed either semi-manually or on legacy systems. As transaction volumes continued to rise and significant processing bottlenecks grew, creating operational risk, BCV realised they needed to find a solution that could reduce risk and cost while providing greater control and visibility to its operations. After a review of their requirements, the bank selected SmartStream's Corona Universal Data solution.
One of BCV's key objectives for this project was to implement a solution that could be easily operated and configured in order to quickly adapt to any market or regulatory changes and client requests. Universal Data at BCV is now fully operational and the bank is completely independent and capable of setting up new reconciliations on its own.
Mr Aimé Achard, Member of the Executive Board with responsibility for the Business Support Division at BCV, said: "After using TLM Corona for our cash and securities reconciliations, we were confident that the Universal Data module would allow us to process more complex transactions. Since implementing the Universal Data module we have been able to improve our security by both increasing our reconciliation volumes and decreasing the number of tools used for it."
Jim Hannibal, Regional Sales Director at SmartStream Technologies added: "We are delighted to see that Banque Cantonale Vaudoise has chosen to continue to build on its existing Corona installation to reconcile the most complex securities transactions. TLM Corona provides the industry's leading reconciliation solution that will enable Banque Cantonale Vaudoise to continue to support its operations and deliver the highest level of service to its clients."