Silicon Valley Bank, a US-based commercial bank, is using Accurate Software’s Operational Risk Management Solution to automate the reconciliation of its domestic and foreign currency bank accounts.
The bank began its cash reconciliation system replacement project in 2003, working with Accurate Software. Since going live in February 2004, Silicon Valley Bank has achieved more than 85 per cent automation on specific reconciliations, significantly enhancing productivity, reducing costs and its exposure to operational risk.
Accurate NXG has enabled Silicon Valley Bank to achieve an automatic match rate of more than 85 per cent on its Federal Reserve Bank accounts, and more than 75 per cent on all other accounts since going live.
“Accurate is proud to be working in partnership with Silicon Valley Bank,” says Gary Gibbs, executive vice president for North America at Accurate Software. “Together we have implemented an innovative control framework to centralise core financial processes and improve productivity and manage risk. Silicon Valley Bank has achieved superior returns through our consultative business-driven services model and proven technologies. This is a strategic win for Accurate and confirms our rapid expansion in the North American financial services marketplace.”