Australian banking group ANZ has signed an agreement to standardise its enterprise-wide reconciliations operations on SmartStream Technologies' TLMR Reconciliations product.
ANZ originally implemented the SmartStream product at its investment banking division in June 2004 to automate and control the reconciliation of FX contract settlements. The bank will now use the technology to manage all cash, settlements, securities and inter-systems reconciliations across the enterprise.
UK-based SmartStream says its TLMR Reconciliations product displaces an implementation of City Networks' cash reconciliation module (Cars) at ANZ.
Terry Glover, executive manager, international payments and high value clearing, ANZ, says: "TLMR Reconciliations delivers ANZ the ability to standardise on a single, scalable solution that's generic and flexible enough to meet the needs of our entire operation.
"Standardisation not only reduces our costs but allows us to build robust, replicable processes that will only strengthen our operations."