Bank of Communications in China has selected SmartStream Technologies to automate its reconciliations process in its Shanghai head office, with a view to rolling out the technology to offices throughout the country.
Bank of Communications is one of China's largest banks with over 86 branches country-wide. The deal represents SmartStream's first contract win for its Reconciliations product in mainland China.
The product will reconciles all of the bank's transactions within a single relational database and provide full reporting and investigation capabilities.
Zhang Weide, business department manager, Bank of Communications, says the bank needed a solution to handle high transaction volumes with ease and reduce operational risk. "SmartStream Technologies has proven to be the right partner and we are now planning to extend the use of the system nationwide," he says.