SmartStream Technologies says Citibank Belgium has recently gone live on its reconciliation application, Corona 7.0.
Citibank Belgium, a long standing Corona user, decided to upgrade to Corona 7.0 to centralize all their cash reconciliations and to expand the use of Corona to cover their securities operations. Corona 7.0 will also be used to automate the reconciliations process for approximately 275 internal accounts.
“The business case to move to Corona 7.0 was straightforward as not only were we able to extend our use of Corona into new areas but we were able to consolidate all of our cash reconciliations into a single area,” says Pascal Nyckees, Chief Operating Officer, Citibank Belgium. “The fact that the upgrade process itself was rapid, on time and on budget means that the ROI for the upgrade is almost immediate. A further benefit that we are now enjoying is simplified reporting procedures – as all our reconciliations data now resides in Corona 7.0 it is easier to generate reports.”
Smartstream says the upgrade to Corona 7.0 took just six days in total: three days for testing and three days for implementation. Jim Hannibal, Regional Manager, SmartStream Northern Europe, says the new installation has enabled Citibank Belgium to reduce manual intervention and increase rates of automation.