State Bank of India (SBI) has deployed software from SmartStream Technologies to automate the reconciliation and investigations processing of its nostro and foreign exchange accounts.
The software, which replaced an in-house system at SBI's treasury department in Kolkata, provides a single, real-time, integrated platform for the reconciliation of transactions.
Joyce Chan, vice president, operations, SmartStream Technologies, says the bank needed a solution that could cope with high transaction volumes and is able to manage many different data sources.
The bank is also using the software's integrated investigations functionality to send exceptions back to source for resolution.
SmartStream says cycle times have been drastically reduced since the implementation, in some cases from once a week or once a fortnight to real time.