Banco Sabadell, Spain's fourth largest banking group, is installing technology from CheckFree to consolidate and streamline reconciliation processes across its nostro, foreign exchange and billing operations.
CheckFree says the bank will use each component of its Accurate NXG package to manage a wide range of reconciliations, including billing, money transfers, and reconciliation of nostro, foreign exchange and money market transfers.
Commenting on the technology Adrià Galian, operations director of financial markets at Banco Sabadell, says: "After evaluating Accurate NXG's entire reconciliation, exception management and workflow solution, we realised its scalability and flexibility could add significant value to our internal operations."
CheckFree says Accurate NXG will provide the bank with a single, enterprise-wide view of reconciliations, increasing efficiency and enabling better management of operational risk across the organisation.
The technology will enable Banco Sabadell to automatically investigate outstanding items on nostro and foreign exchange accounts. CheckFree says the bank also plans to use the system for securities reconciliations.
Dirk Van de Velde, vice president for continental Europe at CheckFree, says Accurate NXG can support large enterprise organisations that need to reconcile multiple asset types.
"Accurate NXG is designed to enable customers, such as Banco Sabadell, to benefit from lower operating costs, more time to prevent potential losses, and greater transparency of financial transactions and their processing overhead," he says.