SmartStream Technologies, the leading transaction management STP solutions provider, is delighted to announce that the Abbey National Group, one of the UK’s top six largest banks by assets, has chosen SmartStream Reconciliations as its strategic matching and exceptions management platform.
Abbey National Plc and its wholesale banking arm, Abbey National Treasury Services Plc, have already deployed SmartStream Reconciliations, the multi-product matching and exceptions management solution. The significant cost and efficiency benefits that have been gained, have led Abbey National to roll out SmartStream Reconciliations to a range of their other key business units within the Group, including First National Bank, Cahoot and Cater Allen Ltd.
Speaking on the roll out, Paul Duester, Senior Manager Corporate Systems for Abbey National Plc said: “We had no hesitation in selecting SmartStream Reconciliations as the Group standard. In conjunction with the product’s strong functionality, one of the key deciding factors lay in the solution’s scalability. It is great that new business units can be up and running in a short time period. The solution has been installed at Abbey National since May 2000 and during that time we have seen vast improvements in processing efficiencies as well as receiving excellent service from SmartStream Technologies.”
“By adopting SmartStream Reconciliations across our key businesses we can streamline our reconciliation process and generate a considerably lower cost IT model,” Duester added.
Furthermore, Cater Allen International Limited (CAIL), part of Abbey National Treasury Services, has chosen SmartStream Reconciliations to automate its intercompany and nostro reconciliation. CAIL also evaluated competitor systems but opted for SmartStream Reconciliations due to the product’s superior functionality and the strong underlying relationship that the Abbey National Group has with SmartStream Technologies.
Speaking on behalf of CAIL, Roger Neath, Head of IT Business Development, said: “Partnering with SmartStream Technologies was the obvious choice for CAIL. The solution’s flexibility means that we can maintain our own account structure and simultaneously leverage off the Abbey National Treasury Services’ installation, without the need for a dedicated IT infrastructure.”
Mark Cappell, European Sales Director of SmartStream Technologies, commented: “We are delighted to have this opportunity to cement our partnership with the Abbey National Group. This is a fantastic endorsement of SmartStream Reconciliations and the confidence that the Abbey National Group has in our company, products and service levels”.