Silicon Valley Bank (SVB), a US based commercial bank, is claiming 85% automation of its domestic and foreign currency bank account transaction and balance activities following implementation of Accurate's operational risk management solution, NXG.
The bank began a reconciliation system replacement project in 2003 and since going live with NXG in February 2004 has achieved more than 85% automation on specific reconciliations.
SVB now claims an automatic match rate of more than 85% on its Federal Reserve Bank accounts, and more than 75% on all other accounts since going live.
Accurate says it created a phased implementation to ensure a smooth migration path that would not impact on the bank’s customer service, in the process providing SVB with a centralised control framework for financial processing and risk management.