Norwich Union is to use technology from SmartStream to provide inter-system reconciliation and exception management across all transactions processed by the UK insurer.
SmartStream says its software will be used by Norwich Union to reconcile across multiple processing systems ensuring data integrity and the timely identification of exceptions.
Sacalability was a key factor in the decision-making process says Rob Brown, programme director at Norwich Union: "We currently process 45 million transactions per year and this figure is set to double over the next two years."
He says the deployment of a single, scalable database for transaction data will give Norwich Union an holistic view, irrespective of the system in which the data is held, thereby enabling increased transaction control.
Mark Cappell, sales director at SmartStream Technologies, comments: "Around 80% of all reconciliations performed by financial institutions are inter-system. Automating external reconciliations is just one piece of the puzzle. Only by automating reconciliations across internal systems can organisations exercise real control over their processes."