SmartStream Technologies, the financial Transaction Lifecycle Management specialist, today announced that Eurobank, the second largest bank in Greece, has selected TLM Corona for cash reconciliations within its new processing centre.
Eurobank has grown significantly in the last five years, acquiring a number of banks in Bulgaria, Serbia, Turkey and the Ukraine. As a result, it is building a new processing centre in Romania to manage all the reconciliations of its overseas subsidiaries, and wanted a single reconciliation solution that could be used by all subsidiary operations.
SmartStream's TLM Corona was selected because it offered the flexibility to efficiently add new reconciliation types and the scalability to manage further transaction volume growth. The first of eight Eurobank subsidiaries, Banc Post in Romania, is now moving it's reconciliations into TLM Corona with other banks to follow over the next year.
Christian Schiebl, Executive Vice President, SmartStream Technologies said: "With its impressive growth rates Eurobank has demonstrated to be a particularly innovative bank and is now looking to deliver economies of scale alongside cost and risk reduction through the creation of its new processing centre. We are delighted that the significant business benefits delivered by TLM Corona at its Polbank subsidiary influenced the bank's decision to use the same solution for this centre. I look forward to working with Eurobank as it moves more of its subsidiaries onto the solution."