Dutch financial institution, KAS Bank deployed software from Accurate to achieve payments and securities reconciliation throughout its global operations.
With over 220 billion Euros in custody, 600 accounts and more than seven million settlement transactions a year, KAS Bank is one of the largest securities service providers of its type in Europe. In order to continue supporting its planned business expansion KAS Bank recognised that it need to implement a more sophisticated operational risk management solution capable of meeting its securities reconciliation requirements.
KAS Bank's existing securities reconciliation system, which had been developed in-house ten years previously, had limited functionality. It was restricted to matching on a small number of fields: quantity of securities, securities identification code and holdings type. It was also limited in terms of storing historical statement data and consequently had no audit trail capabilities. Previous data was overwritten with new statement information, and if the system failed or data was inadvertently deleted there were inadequate back-up and restore facilities.
The migration from KAS Bank's previous system to Accurate NXG was completed in just four months, from initial consultancy to go live.
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