SmartStream, the financial Transaction Lifecycle Management specialist, today announced that Malaysian financial services group Cimb Group is extending its use of the TLM Corona solution to create a single, enterprise-wide reconciliation platform.
CIMB Group is Malaysia's second largest financial services provider and one of Southeast Asia's leading universal banking groups with the largest branch network in the region. The bank has built a strong reputation for offering a wide range of financial products and services that has led to its operations expanding, operating in 11 markets globally including the US and UK.
To ensure it could continue to offer the same breadth of products and levels of client service, CIMB Group decided to replicate the technology used by its Malaysian operations across its international business. As an existing TLM Corona customer, the bank is extending the solution to create an enterprise-wide platform for cash reconciliations and investigations for its rapidly growing Singaporean and Islamic Banking businesses.
Kenny Kim, Group Chief Financial Officer and Head of Group Strategy and Finance, CIMB Group, commented: "We've been successfully using TLM Corona for 11 years and it has met our operational needs perfectly. So when we looked at how we could replicate our success in Malaysia to overseas markets it made sense to use the same software that is proven to work and has managed our significant growth to date. By extending our use of TLM Corona we are confident that our new operations will benefit from the same efficiency levels that we have experienced in Malaysia, enabling us to concentrate on building successful businesses in those countries."
Christian Scheibl, EVP at SmartStream, added: "CIMB has been a client for many years and benefited from using TLM Corona for its cash reconciliations. Its experience with the solution proved it could deliver an enterprise-wide platform to efficiently support its new operations. CIMB's decision once again highlights TLM Corona's strengths in providing a strategic solution that enables institutions to reduce costs and operational risks while also providing the flexibility to manage higher volumes as their business expands."