Banco de Fomento Angola has chosen SunGard’s Straight-Through Enterprise Processing (STeP) intelliMATCH application for automated matching and reconciliation of its cash transactions.
The application will deliver enhanced transaction management of cash, securities, confirmations, energy trades and system messages, while helping to reduce operational risk exposure through the early identification and pre-settlement resolution of error.
IntelliMATCH will automate a previously manual function and will also provide the bank with a matching engine and common platform for the reconciliation of all its cash transactions.
Headquartered in Luanda, Banco de Fomento, the largest private financial group in Angola with over 70 branches nationwide, will use intelliMATCH as its core foundation for performance enhancements as part of a larger development of its entire IT infrastructure.
“We chose SunGard predominantly for its strong reputation as a robust matching and exception tool. Following a recommendation from an existing SunGard customer, we quickly realised that SunGard addressed our requirements for a user-friendly solution, from an established vendor with the ability to provide local support,” says Eduardo Clemente, head of accounting, Banco de Fomento.
“As we see an increasing trend in developing economies towards automation of transaction processing, we are dedicated to delivering best-of-breed software and expertise to help our customers achieve the highest level of efficiency within their business,” adds Tom King, president, SunGard’s STeP business unit.