StanChart Bank Creates Global Reconciliation Platform Using TLM

Standard Chartered Bank has built a strong reputation in emerging markets for delivering customer-centric operations. As part of an ongoing strategic review to ensure the bank continues to put in place best-in-class solutions, the bank highlighted reconciliations as a potential area for development.

With the bank growing rapidly and volumes rising, Standard Chartered has chosen to integrate its existing reconciliations process into a single reconciliations platform using SmartStream’s TLM Reconciliations. This will enable the bank to increase efficiency, help reduce operational risk in its back office operations and further improve its customer service levels.

Sahba Saint-Claire, COO of Financial Markets, Standard Chartered Bank, said, “SmartStream’s TLM Reconciliations is the ideal solution for creating a single, automated reconciliations platform. We selected SmartStream because they offer a best-of-breed solution, which suits our needs and enables us to manage our global growth and meet volume demands, while at the same time benefiting from economies of scale. 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. With the advantages TLM can clearly bring to our Financial Markets operations we’re already examining its use in the wider bank.”

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Richard Cummings, SmartStream’s regional director for Asia Pacific, said, “We are delighted that Standard Chartered has chosen to invest in TLM as a long-term, scalable solution for processing its global transactions. This deal highlights how our range of TLM solutions can help financial services firms in this region overcome the operational challenges that come from continued, rapid growth.”