SmartStream Technologies, the company formed follwing the merger of Geac SmartStream Reconciliation and Management Data, is to develop a new set of modules to support the Bolero international trade finance initiative. The new applications will enable banks using the SmartStream Trade Finance solution to connect to the Bolero network and use its services and legal infrastructure.
Users of SmartStream Trade Finance, a rebrand of the former DOC CS product, will be able to enter the system to: integrate all documents formatted in the Bolero standard; access the title registry; and send and receive electronic documents and messages securely and with guaranteed delivery to or from other members of the Bolero network.
Christian Necas, SmartStream's trade finance business division manager says: "The increasing trend to deliver trade finance systems over the Internet made it a natural decision for us to integrate our Trade Finance solutions with the Bolero network."
Today some 64 banks, including National Australia Bank, Hypovereinsbank, Dresdner Bank, Commerzbank and Union Bank of Switzerland, are using the SmartStream Trade Finance solution.
In a seperate deal, Commerzbank announced that it has signed a global contract to improve straight through processing through system standardisation, by implementing SmartStream Reconciliations. The decision to invest in SmartStream's transaction management solution followed a lengthy evaluation process with consultancy firm Arthur Andersen.
Commerzbank project manager, Richard Konetchy says of the decision: "As with any global organisation, we have multiple systems reconciling different product lines from simple cash and stock transactions to complex real time trade confirmations. The need to eliminate duplication of effort and enhance quality and consistency of process has never been greater, especially with increasing volumes and the need to settle faster as the market moves to T+1 settlement cycles."