Credit Commercial de France (CCF), part of the HSBC Group, has licensed SmartStream Technologies' Corona system to automate the reconciliation of its nostro and internal account operations at its Paris headquarters.
SmartStream says Corona was chosen because it runs in a client/server environment, allowing the bank to extend its use to other areas. The new system replaces a previous implementation of the Corona Classic product, which ran on a mainframe platform.
Vincent Ponelle, operations manager, CCF, says: "We are confident that SmartStream's Corona solution will deliver great improvements in our operational risk management, giving us enhanced efficiency and control."
SmartStream adds that Corona's match rates, benchmarked in excess of 90%, can deliver almost immediate improvements to operational efficiency.