French Internet bank, Banque Directe, has installed the cash component of SmartStream Technologies' financial transaction management solution (FTMS), Corona CS, to automate the reconciliation of its internal and correspondent accounts.
The BNP Paribas subsidiary is using FTMS cash to reconcile 30,000 items per day with just three reconciliation staff. The figure represents a considerable advance on manual throughput says the bank. A further five users have access for enquiries.
The account is SmartStream's first reference customer in the Internet banking arena says Daniel Faucheur, sales director of SmartStream Technologies France.