Success Story

Prudential – Reconciliations and Exceptions Management

Automating bank reconciliations to support business growth

Prudential Singapore needed a solution to new methods of payment, enabling its finance department to turn a business challenge into a competitive advantage.

Company Overview

Prudential Singapore is a leading life insurance company with an 88-year history of operating in the market. With one of Singapore’s largest agency forces and important bancassurance relationships, Prudential serves over 900,000 Singapore customers with protection, savings, and investment products.

Business situation

Prudential staff must compare thousands of transactions each month to ensure all client payments through various channels are received, and that all client claims compensation and other expenses are always paid on time. This involves comparing bank statements against internal ledgers to identify and resolve mismatches. This reconciliation is highly manual, repetitive work that is neither scalable nor rewarding for staff.

Solution

SmartStream’ TLM® Reconciliations platform provided Prudential with a daily, automated matching of money transfers, in and out, complete with an audit trail.

Key benefits
  • Transformed monthly reconciliation batch into a daily one
  • Cut out errors from manual handling
  • Improved transparency and control with audit trail
  • Enabled staff to focus on a handful of mismatches and other value-added tasks
  • Improved staff morale and work/life balance
  • Scalable solution with volume increase
  • Set the stage to drive automated reconciliation across finance
Success Story
Tier 1 Hedge Fund Case Study – SmartStream RDU Exchange Notification Service
Success Story
KeyBank – TLM Collateral Management
Success Story
Tier 1 Bank Case Study – Intraday Liquidity Management
Success Story
Curo Fund – Post Trade Processing
Success Story
Jumhouria Bank – Reconciling Payments
Success Story
Tier 1 Bank Case Study – Collateral Management
Success Story
Prudential – Reconciliations and Exceptions Management
Success Story
Credit Suisse Case Study – Fees and Expense Management
上一页
下一页