Credit Lyonnais Asset Management Group has signed a group user license agreement for the delivery of Smatch, a reconciliation and exception management system from Brussels-based Monro Business Softwares (Monrosoft).
Smatch has already been installed at Credit Lyonnais Asset Management's Paris office and will be rolled out across the group.
The SwiftReady Gold label product is initially being applied for cash and securities reconciliation processing, integrated exception and investigations management and operational risk control. The French asset manager intends to extend the system to all reconciliation tasks across all of its business and functional groups.
Monrosoft says Smatch replaces SmartStream Technologies' Corona reconciliation system. Monrosoft won the mandate following a year-long beauty parade with six other vendors.
Initially launched in 1997, Smatch is one of the newer packages in the increasingly competitive reconciliation space.