Kotak Mahindra Bank goes live with SmartStream reconciliation kit
17 May 2012 | 3376 views | 0
SmartStream, the financial Transaction Lifecycle Management specialist, today announced that Kotak Mahindra Bank has gone live with TLM Corona Cash & Investigations to automate its nostro reconciliations and investigation processes in its treasury department.
The solution will enable Kotak Mahindra Bank to increase operational efficiency while reducing operational costs and risk through the proactive detection of exceptions and enhanced transaction management.
Established in 1985, Kotak Mahindra Bank has over 350 branches across India and is one of the country's fastest growing banks. To enable the bank to effectively manage an increasing number of transactions during this growth phase and beyond, the firm decided to look at ways to optimise straight through processing (STP) rates and minimise exceptions whilst reducing costs. To enable this, the bank selected SmartStream's TLM Corona Cash & Investigations for managing nostro reconciliations and overcoming post trade processing issues being faced by their treasury department.
Ms. Aruna Rao, Executive Vice President, Kotak Mahindra Bank, said: "As the bank continues to grow, we are continually looking at strategic ways to improve our processes whilst at the same time, containing costs. SmartStream's TLM Corona has provided us with a solution that takes us one step closer to achieving our strategic goals of near 100% STP, zero error operations and increased productivity levels."
Pritesh Kotecha, Regional Director, Middle East, Africa and South Asia at SmartStream, added: "We are delighted that Kotak Mahindra Bank selected TLM Corona Cash & Investigations to manage the bank's reconciliations and exception management processes. The implementation went extremely well and the bank is already seeing the benefits of increased automation. This is a perfect example of how financial institutions in growth markets such as India can utilise our solutions to gain efficiency and control over increasing transaction volumes whilst maintaining a low cost per transaction".