Zurich-based AIG Private Bank has purchased extra licences for SmartStream's Financial Transaction Management Solution (FTMS) to further automate back office processing.
The bank currently reconciles cash, securities and foreign exchange transactions using Corona, Ares and Comfort from the SmartStream FTMS product suite.
The additional investment in FTMS will automate the bank's most manual business processes, and enhance business productivity in areas that have, up until now, remained largely manual, says AIG.
Internal control analyst, AIG, Petros Diamantogiannis, says: "We are very happy that an off-the-shelf product is available to suit our back office workflow requirements. SmartStream's FTMS product suite is a very cost effective means of automating our reconciliations and investigations process."
SmartStream's FTMS product suite offers standardised and modular solutions for the reconciliation and investigation of all financial products. Added features within the suite include language support, calculation of value dated balances, real-time ad-hoc inquiry by product and real-time reporting.