Dresdner Group Extends Investment In Smartstream Technologies

SmartStream Technologies, transaction management STP solutions provider, announced that Kleinwort Benson Private Bank (KBPB) has selected SmartStream Reconciliations for its cash and stock business in London. KBPB is part of Dresdner Bank AG, which is a wide user of SmartStream

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SmartStream Technologies, transaction management STP solutions provider, announced that Kleinwort Benson Private Bank (KBPB) has selected SmartStream Reconciliations for its cash and stock business in London.

KBPB is part of Dresdner Bank AG, which is a wide user of SmartStream Technologies’ products. SmartStream Reconciliations is currently installed in KBPB in the Channel Islands and Dresdner RCM Global Investors, where it is used for cash and securities reconciliation as well as for Electronic Trade Confirmation (ETC). SmartStream ETC utilises SmartStream Technologies’ advanced investigations desktop for fully automated processing of the ETC lifecycle. KBPB will initially deploy SmartStream Reconciliations to reconcile its bank account transactions and custody balances.

Prior to selecting SmartStream Reconciliations, KBPB used a combination of manual reconciliations and internally developed automated solutions.

SmartStream Reconciliations was selected due to its unique ability to carry out all automated reconciliations on a single, real-time integrated platform, thereby avoiding the duplication and inefficiencies associated with multiple reconciliation systems and radically improving accuracy and speed. This automated approach will also enable the bank to improve the management of fluctuating trade volumes, and to deliver efficiency improvements as well as lower transaction costs and reduced operational risk.

SmartStream Reconciliations is an enterprise-wide solution that is perfectly suited to KBPB’s requirements. Its uniquely integrated architecture enables STP throughout the entire trade lifecycle. In addition, by using the SmartStream Investigations functionality, which is fully integrated into SmartStream Reconciliations, KBPB will be in a position to automate exception processing.

KBPB also evaluated other reconciliation software packages but chose SmartStream Reconciliations, as it was best suited to the organisation’s needs. Another deciding factor was the existing relationships that SmartStream Technologies had with other business units within the Dresdner Group. SmartStream Reconciliations was recommended to KBPB London by these business units on account of the superior product performance, functionality and high levels of service they had experienced.

Speaking on behalf of KBPB, Roy Hoddinott, Head of Global Settlement and Custody Services, said: “SmartStream Technologies was the obvious choice when we decided to fully automate our reconciliations process. We wanted a system that could cope with high trade volumes and grow with the business.

We were also keen to build upon the existing relationships SmartStream Technologies had with the Group.”

Brian Collaco, Sales Executive for SmartStream Technologies added: “We are delighted to be able to add another arm of the Dresdner Group to our client base. The installation of SmartStream Reconciliations across such a broad range within the bank demonstrates its enterprise-wide deployment. This new signing emphasises the confidence that tier one financial institutions have in SmartStream Technologies.”

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