Credit Suisse has announced that it is using SunGard’s automated matching and reconciliation solution, intelliMATCH, to power its new outsourcing offering, Reconciliations Partner.
The Transaction Services & Solutions business at Credit Suisse is responsible for providing transactional banking services to financial institutions. The Reconciliations Partner service is a BSP offering that enables clients to outsource back-office reconciliation operations. The service will be available to all financial institutions as well as to corporate treasury functions. Under the terms of the new offering, Credit Suisse collects all the bank statement information from a client’s nostro banks and reconciles it to the client’s ledger.
FIDES Information Services, a wholly owned Credit Suisse subsidiary, provides the expertise for the gathering and management of the client data. SunGard’s intelliMATCH is used as the reconciliation engine that performs the matching and reconciliation operations and identifies exceptions, which are then delivered to the client online via a secure portal, Banking@Credit-Suisse.
“By partnering with SunGard, we are able to build on the expertise and efficiencies we’ve gained in using intelliMATCH within Credit Suisse and to thus ensure that our clients benefit from a service built on an industry-leading product,” stated Martin Rettich, Managing Director, Transaction Services & Solutions at Credit Suisse. “This is an innovative offering in the outsourcing space and we are convinced that it provides clients with a great alternative to owning and operating their own applications.”
“Credit Suisse’s decision to use intelliMATCH to support its new reconciliation service demonstrates the solution’s ability to handle high volumes of transactions across any type of instrument. We’re excited to be part of Credit Suisse’s innovative approach to operational efficiency and to be able to build on our longstanding relationship with one of the world’s largest banks,” commented Tom King, president of SunGard’s STeP business unit.Transaction Services & Solutions at Credit Suisse provides a range of different banking services: it is one of the leading global suppliers of CLS services and is also a provider of Swiss franc and multi-currency payment services, as well as Swiss custody services.