HypoVereinsbank has selected SmartStream's integrated Reconciliation and Exception Management solution to handle its internal accounts, FX, securities and Nostro business.
The German bank will use the system to service both its domestic and European business. It is to be delivered through FMS Bank, HypoVereinsbank's new settlements and securities provider, which will in turn supply a subsidiary, Vereins und Westbank. Implementation is set to commence in Munich and Hamburg.
Hypevereinsbank accounts services manager, Manfred Koeckhuber, says the bank was impressed by SmartStream's ability to provide a single database to manage cash, securities and foreign exchange transactions - across all the bank's departments. "This has obvious benefits for us," he says. "Firstly, it improves our operating efficiencies - as all of our transactions are handled by one system. Secondly, and most importantly, SmartStream's system is scalable and can be adapted to handle our changing, and ever increasing requirements."
The bank's transaction reconciliation requirements are set to nearly double from 11 million last year to 20 million this year, he adds.