SmartStream reports China bank deal
SmartStream Technologies, the Transaction Lifecycle Management specialist, today announced that one of China's largest banks has purchased TLM Corona to consolidate their Nostro reconciliations process.
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The company which ranks as one of the world's top 20 banks will replace an in-house developed platform by deploying TLM Corona to more than 1,000 users in the first stage of their project. Centralising and automating the firm's Nostro reconciliations processes on a single software platform will provide greater control and visibility over the bank's operations, improving capital adequacy efficiencies and ensuring assets are utilised more effectively.
The bank will use the local language version of TLM Corona that was launched at Sibos in Sydney (October 2006) to manage the firms Nostro payments between counterparties using SWIFT based messaging.
Commenting on the deal, Stefan Wawrzyniak, Regional Director, SmartStream Asia Pacific said, "We're delighted that such a significant banking force in the region, has selected TLM Corona to help them strengthen their growing operations. Corona has a reputation for being the world's most heavily deployed reconciliation system and this announcement further enforces that position."