UK fintech vendor SmartStream Technologies says Danish online investment bank Saxo is implementing its corporate actions software.
Copenhagen-based Saxo says its rapid growth and increased cross border activity has resulted in rising event volumes. This has led to increased staff numbers but the reliance on manual processing has created operational risk and cost problems.
The bank will use SmartStream's TLM Corporate Actions product to automate the event management processes, including cleansing and scrubbing data, creating the golden record and managing election management process.
Henrik Alsoe, director business projects, Saxo Bank, says the technology "will improve our event management processing capabilities immediately, delivering scalable business processes whilst maintaining tight control of risk and cost".
Alsoe says time to market was a major driver behind the decision to select a packaged application rather than build a system in-house.
Christian Schiebl, European regional director, SmartStream, says when it comes to time critical projects, even companies that pursue a 'build rather than buy' strategy recognise the advantages packaged corporate actions products deliver.