Credit Commercial de France (CCF), part of the HSBC Group, has selected SmartStream Technologies, a provider of transaction management solutions, as part of its Straight Through Processing (STP) strategy.
The decision by CCF builds on SmartStream’s existing relationship with the HSBC Group. CCF is licensing Corona, SmartStream’s modular solution for transaction processing, to automate the reconciliation of its nostro and internal account operations. The solution will be installed in the Paris head office, where CCF consolidates its reconciliation operations.
Speaking on behalf of CCF, Vincent Ponelle, Operations Manager commented: “We are confident that SmartStream’s Corona solution will deliver great improvements in our operational risk management, giving us enhanced efficiency and control.”
Corona is a widely installed reconciliations solution. The application runs in a client/server environment, which was a significant factor in CCF’s decision, as was the ability for CCF to extend the usage of the application into other business areas within the bank.
CCF was previously using the Corona Classic product, which runs on a mainframe platform. Smartstream says that, in deciding to move platforms, CCF evaluated a number of reconciliations solutions and selected Corona due to the product’s superior functionality and its proven ability to process significant business volumes.
“We are confident that by selecting SmartStream, we have a technology partner that can meet our requirements now and well into the future.” Added Vincent Ponelle.
Kieran Kilcullen, SmartStream Country Manager for France and Benelux said: “We are delighted by CCF’s decision to select Corona on the client/server platform.
Corona has proved itself to be a very user-friendly solution. It has a short implementation cycle which combined with its match rates, benchmarked in excess of 90%, can deliver almost immediate improvements to operational efficiency.”