Deutsche Bank has selected SmartStream Technologies to streamline, simplify and reduce the costs of its reconciliations environment.
With the growth in volume of reconciliations, the processing of large quantities of data has become complex according to Deutsche Bank.
To help, it has selected SmartStream Technologies’ Centre of Excellence (CoE) to provide an off-site operations platform. Under the deal, SmartStream will provide Deutsche with three distinct managed services: reconciliations on-boarding, production support and operational reconciliation services.
Bobby Handa, head of the global reconciliations group, Deutsche Bank, said: “This step is part of our journey to reduce the complexity of our IT environment. Modernising our reconciliation processing is critical to increasing productivity, reducing costs, as well as meeting regulatory requirements. Our aim with the CoE is to apply continuous process improvement across our business lines, as well as minimising and eliminating any likely risks”.
SmartStream’s Transaction Lifecycle Management (TLM) Reconciliations Premium solution performs Nostro and Securities, as well as Intersystem reconciliations at Deutsche Bank. The CoE will manage all of these processes, providing further efficiencies by reducing the complexity of systems, processes and technology, whilst creating a governance structure to define best practices for all reconciliations at the bank.
Haytham Kaddoura, CEO, SmartStream, added, “As a team we are working to provide a complete and sophisticated end-to-end reconciliations process, designed to give the bank a competitive edge with centralised reconciliations services, which will enable growth, provide stability and mitigate risk.”
SmartStream offers post-trade processing solutions which allow the firm to provide a real-time and pre-emptive approach to reducing trade failures while also accelerating and automating trade processes. It solutions include cash and liquidity management, collateral management, corporate actions processing, client money segregation, confirmations management, expectations management, reconciliations, trade process management, reference data, and fees and expense management, among others. Its software also enables clients to respond to regulation and assists with compliance.
Earlier this year, Deutsche Bank acquired India-based Quantiguous Solutions, an API solution developer for financial institutions. The bank completed the deal to help bolster its global transaction banking franchise and increase development of its Open Banking platform. The value of the deal was undisclosed.
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
