SmartStream Technologies, the transaction management STP solutions provider, announced that the Bank of Communications in China has selected SmartStream Reconciliations to automate its reconciliations process and to lay the foundations for achieving STP in the back office.
Bank of Communications is one of China’s largest banks with over 86 branches country-wide. SmartStream Reconciliations has been installed in the bank’s Shanghai head office in the first instance, with a view to rolling it out to offices throughout the country. This is the first SmartStream Reconciliations client in mainland China, and builds upon the phenomenal success the company has achieved in the Asia Pacific region. Some of the world’s leading financial institutions in Asia Pacific are SmartStream Technologies’ clients including: The Development Bank of Singapore, Standard Chartered Bank, The Commonwealth Bank of Australia, Citibank Asia Pacific and JP Morgan Chase.
SmartStream Reconciliations is a highly scalable system capable of handling large transaction volumes. Its flexible deployment methodology means it can cater for large populations of local and remote users. In addition, SmartStream Reconciliations’ ability to reconcile all transactions within a single relational database and provide full reporting and investigation capabilities is widely recognised by top financial institutions as anessential pre-requisite to transaction management and STP.
Speaking on behalf of Bank of Communications, Zhang Weide, the Manager of Business Department, said: “With increasing competition in the local banking industry, we need to partner with a leading solution provider who shares our vision and has the ability to deliver flexible solutions that enable us to handle high transaction volumes with ease and reduce operational risk. SmartStream Technologies has proven to be the right partner and we are now planning to extend the use of the system nationwide.”
Commenting on the agreement, Andrew Raymond, SmartStream Technologies’ Regional Director for Asia Pacific said: “We are delighted to have our first SmartStream Reconciliations client in mainland China. Having Bank of Communications as a client is a tremendous endorsement of both our product and our strategy and highlights our commitment to the region. The success of this project has generated tremendous interest in our product and service offerings in mainland China and we look forward to working with more clients in the region.”