SmartStream Technologies, the Transaction Lifecycle Management specialist, today announced that the Asian operation of a Tier 1 European bank has selected TLM Corporate Actions to improve processing efficiency throughout the corporate event lifecycle and reduce risk.
The bank's operations in Hong Kong, which serve as a regional hub for Asia, sought to replace its existing manual corporate event processing with an automated solution. This would enable the bank to scrub and cleanse event notifications from multiple parties including custodians, Bloomberg, and several stock exchanges more efficiently.
The bank has selected SmartStream's TLM Corporate Actions, named as the best corporate actions solution at the 2008 Inside Reference Data awards, to deliver an automated end-to-end processing solution. During the selection process, SmartStream was deemed to have the most functionally rich solution available to match the bank's needs, enabling automated processing of initial event notifications, elections, entitlement calculation and payment notifications.
Commenting on the new client, Richard Cummings, Asia Pacific Regional Director, SmartStream, said: "I'm delighted that another leading bank in the region has selected TLM to deliver automation across the lifecycle of its corporate actions processing. As competition for business increases across Asia, existing manual processing of events is costly, error prone and creates an unnecessary risk to the organisation. TLM Corporate Actions is a proven solution that will support this bank to deliver more robust risk management, reduce error rates associated with manual input and provide improved custodian support and customer service."