Dexia Banque Internationale à Luxembourg (Dexia BIL) has selected SmartStream Technologies' Corona CS (client/server) solution to automate its reconciliations process within its cash, securities and fund management divisions.
Phase one of the project has been completed, enabling the bank to reconcile securities transactions automatically on a daily basis. The second phase of the project - to automate the daily reconciliation of around 40,000 cash transactions - starts in early February. The final phase will involve automating the reconciliation process for the fund management division in the second half of 2002.
Gilbert Jungen, senior vice president at Dexia BIL says: “The selection of Corona formed part of a strategic decision by the bank to centralise our reconciliations processing and significantly reduce operational cost and risk exposure. We were looking for an off-the-shelf, functionally-rich solution that could be extended to encompass all of the banks’ reconciliation requirements in the future.”