SmartStream Technologies says that Bank of Scotland (Ireland) has completed a project to automate their payments and receipts processing using its TLM Process Automation and TLM Reconciliations in their Finance & 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,” says 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.”
Smartstream says Bank of Scotland (Ireland) is now using TLM Process Automation to receive transaction data from their treasury systems, with a rules-based Workflow application identifying the transaction type and determining 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.
SmartStream’s web portal, TLM WebConnect, provides management with real time insight into their Payments and Receipts operation. Dashboards detail cash positions across all main accounts and currencies as well as providing a wide range of operational views from daily Account activity through to Reconciliation, Payments and Daily Balance reports. Smartstream says this helps management maintain a high standard of operational control. TLM also provides the Bank with a complete audit trail of all processed transactions.
“Implementing TLM has delivered significant benefits to Bank of Scotland (Ireland) – we now have a centralised process management hub for payments and receipts,” adds Bissett. “The complete operation is automatically managed from start to finish – delivering a greater level of operational control.”
Steve Moss, UK Managing Director at Smartstream, says the project confirms TLM’s ability to “create scalable, flexible applications that deliver significant ROI to our clients. Bank of Scotland (Ireland) has transformed their payments and receipts operation to support the firm’s significant growth by becoming volume insensitive and delivering a much greater level of operational control.”