Israel Discount Bank of New York (IDBBank) has implemented SmartStream Technologies' Transaction Lifecycle Management (TLM) software to manage cash and securities reconciliations.
The bank will use initially TLM to automate cash, position and general ledger reconciliation processes for treasury and investments.
The product provides users with a real time, holistic view of all transactions, monitoring trades from inception through to settlement.
Louis Turano, vice president, IDBBank, says: "TLM's integrated design and functionality allow us powerful real time MIS reporting. The comprehensive measurement of key performance indicators, benchmarking, trend analysis and functional reporting are fundamental to IDBBank's making the best business decisions."
The automation of reconciliations and exception management is part of a larger risk management project at the bank's treasury department. Turano says after this inital deployment, TLM will be implemented across the enterprise.