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Accurate NXG matches up at Silicon Valley Bank

13 October 2004  |  3754 views  |  0 Accurate Software

Silicon Valley Bank (SVB), a US based commercial bank, is claiming 85% automation of its domestic and foreign currency bank account transaction and balance activities following implementation of Accurate's operational risk management solution, NXG.

The bank began a reconciliation system replacement project in 2003 and since going live with NXG in February 2004 has achieved more than 85% automation on specific reconciliations.

SVB now claims an automatic match rate of more than 85% on its Federal Reserve Bank accounts, and more than 75% on all other accounts since going live.

Accurate says it created a phased implementation to ensure a smooth migration path that would not impact on the bank’s customer service, in the process providing SVB with a centralised control framework for financial processing and risk management.

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