Banc of America Securities has purchased SmartStream's TLM Reconciliations and Process Automation products in an effort to automate trade processing in its cash securities business.
John Newcomb, managing director, BAS, says the aim of the project is to lower the cost of trade processing, improve risk management and provide a platform for future business growth.
"We are taking advantage of the latest technology to create a real time rade processing environment," he says. "We fully expect the combination of reduced trade processing times and a proactive focus on exception management to deliver improvements in both our risk and cost management. Additionally, access to improved real time information will provide greater insight and control across our operations."
Separately, SmartStream has announced two Australian client wins, with Vanguard Investments committing to the TLM Corporate Actions package and AMP buying TLM Reconciliations. Austria's Raiffeisen Zentralbank Osterreich (RZB) has also signed up to implement Corona Enterprise Edition.