Sumitomo Mitsui Banking Corporation (SMBC) has implemented SmartStream Technologies' Corona Cash and Confirmations solutions as its reconciliation standard for Europe and America.
The new technology replaces the bank's various legacy reconciliation applications, allowing the SMBC to accommodate all international branches of its organisation on one platform. Multiple users from different branches have different access areas, allowing them to reconcile / match their transactions locally.
Todd Rendo, JGM, from SMBC says installing Corona Cash and Corona Confirmations has helped the bank automate its Nostro reconciliation and confirmation matching efforts in London, Brussels, Dusseldorf, and New York. "This has allowed us to drastically increase straight-through processing throughout our organisation. We are now able to better control our exposure, minimise risks and reduce our operational costs," he says.