Bank of Scotland (Ireland) has successfully completed a project to automate their payments and receipts processing using SmartStream Technologies’ Transaction Lifestyle Management solutions.
The bank implemented TLM Process Automation and TLM Reconciliations to automate and control complex real time systems and processes across their finance and treasury divisions.
“Our business is expanding rapidly, payments and receipt transactions have more than doubled in 6 months and we continue to anticipate growth of around 20% per year,” said John Bissett, Head of IT, Bank of Scotland (Ireland). “This project is delivering a return on our investment – enabling us to proactively manage growth whilst ensuring we maintain tight control over our operational costs and deliver the highest level of customer service.”
Bank of Scotland (Ireland) is now using TLM Process Automation to receive transaction data from their treasury systems; SmartStream’s rules based workflow identifies the transaction type and determines the appropriate course of action.
TLM Reconciliations automatically reconciles notifications and confirmations based on predefined matching criteria, allowing users to focus resources on exception management.
“Implementing TLM has delivered significant benefits to Bank of Scotland (Ireland),” Bissett said. “We now have a centralised process management hub for payments and receipts.”