KUALA LUMPUR, March 12 (Bernama) -- Landesbank Baden-Württemberg (LBBW), an institution under public law, has extended its partnership with SmartStream Technologies to deploy new modules over the next five years.
Throughout the partnership, the SmartStream modules will build a fully operational control centre for LBBW financial transaction business.
SmartStream provides Transaction Lifecycle Management solutions and Managed Services to dramatically transform the middle and back-office operations of financial institutions.
LBBW is owned by the Federal State of Baden-Württemberg, the Savings Bank Association of Baden-Württemberg and the City of Stuttgart.
The overall solution is designed to address new regulatory requirements, together with a consolidated view of operational processes in one scalable platform - providing visibility of all transactions and identifying exceptions at a very early stage in the lifecycle.
As transaction volumes increase, LBBW will be able to continue reconciling transactions and reduce risk exposure - delivering greater control of the reconciliation process. In addition, this will also increase matching rates and promote higher STP rates.
LBBW executive vice-president and head of Back Office Financial Markets, Andreas Beck said SmartStream was a great team, every decision was based on a strategic goal outlined with the best possible outcome for LBBW customers.
SmartStream chief executive officer, Haytham Kaddoura said the extension of its proven solution would allow LBBW the ability to handle a vast number of transactions daily; the product would lower operational cost and risk, with minimum disruption to daily operations.
-- BERNAMA
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