Standard Chartered, a bank that focuses on emerging markets, is set to create a global reconciliation platform as part of an ongoing technology review.
The platform, which will be used in the bank’s financial markets operations, is based on SmartStream transaction lifecycle management (TLM) reconciliations software. The cost of the new software was not disclosed.
The bank will roll out the system and integrate its existing reconciliations process into a single platform, replacing what SmartStream described as a “manually intensive” process before. Reconciliation is the process of matching and comparing figures from two sets of records, for example to check that the money leaving an account matches what is actually spent, so that a bank can process transactions.
The London-based bank, which does most of its business in Africa, Asia and the Middle East, said the platform would reduce operational risk in back office processes by integrating a range of undisclosed existing reconciliation platforms. The new software would be scalable and reliable, it said, adding that it is considering rolling out the platform to other parts of the bank.
Sahba Saint-Claire, financial markets chief operations officer at Standard Chartered Bank, said that linking all the reconciliation platforms into the SmartStream software would help it benefit from economies of scale, adding:"Introducing exceptions-based processing will also help to reduce our operational risk by enabling our staff to focus only on those transactions that represent a significant issue."
Last year, Standard Chartered signed a network services contract with BT to improve the reliability of its communications.