SmartStream Technologies has launched its Corona CLS module, a reconciliation system for foreign exchange transactions settled in the CLS Bank.
SmartStream says the Corona CLS module integrates reconciliation and exception management of transactions, with a central reconciliations database, giving complete transaction visibility to both settlement members and third parties.
The database stores all FX reconciliations data, irrespective of whether the transaction is performed via CLS or bi-laterally, and delivers a full audit trail of any FX transaction, removing the need for enquiries to be performed across disparate systems and allowing for quick and efficient exception resolution says the vendor.
Wolfgang Prinz, product manager, SmartStream Technologies, says the ability to gain a complete overview of the lifecycle of any FX transaction is imperative for financial institutions to be able to satisfy audit requirements, which will be of increasing importance as firms strive to meet Basel II reporting regualtions.
The system also facilitates three-way and four-way matching and matches data received directly from the CLS Gateway or via the MT096 CLS third party status reports along with MT300 messages, and reconciles it against internal records.