SmartStream Technologies has signed Italian investment bank Banca Akros to its Corona CLS software, a reconciliation system for foreign exchange transactions settled in the CLS Bank.
The module integrates the reconciliation and exception management of CLS transactions with a central reconciliations database.
Smartstream says the bank has implemented Corona CLS to automatically match relevant transaction data between all CLS settlement members and provide a complete transaction audit trail. In doing so the firm has been able to achieve its compliance obligations as well as highlight exceptions as early as possible in the transaction lifecycle.
Ferrante Zilioli, head of organisation and IT, Banca Akros, comments: "Implementing Corona CLS enabled us to effectively reduce operational costs and risk. By fully automating these previously manual processes our employees workload has been reduced by 30%."
Banca Akros says an essential critera for selecting Corona CLS was its ability to capture all transaction data streams in any format and from disparate systems.
Automating transaction matching ensures data integrity, enhances data quality and reduces the number of errors, says the bank.
Commenting on the implementation Pasquale Gizzi, country manager, SmartStream Technologies Italia, says: "The powerful matching capabilities of Corona CLS enable institutions to replace traditional manual processes with fully flexible reconciliation of disparate data streams, gaining immediate benefit from reduced operational risk and improved audit control."