Sydbank, the fourth largest bank in Denmark, has licensed SmartStream Technologies corporate actions processing software, TLMR.
TLMR automates front-to-back processing of mandatory and voluntary events. SmartStream says the product provides firms with a complete system for data capture, data cleansing, corporate actions processing and accounting.
The software provides capture, cleansing and normalisation of event announcements from multiple sources as well as reference data management, event management, entitlements processing and voluntary response tracking functions.
Egon Rohden, VP, markets operations, Sydbank says: "Sydbank is a custodian for Danish securities for foreign banks. To continue to grow this business and provide an integrated and seamless service for our clients we needed to move from manual processes to an automated solution that would enable us to handle 15022 messages."
The product will be supplied, implemented and supported by Bankdata, which currently provides Sydbank with outsourced IT services. Bankdata says the system is expected to go live at Sydbank by mid 2005.