SmartStream Technologies, announced today that Geneva-based private bank Mirabaud & Cie has chosen Corona – SmartStream’s modular application for transaction processing – as part of its Straight Through Processing (STP) strategy.
Mirabaud selected Corona following an evaluation of the current reconciliation systems in the market. Smartstream says the bank chose Corona to manage the reconciliation and exception processing of its cash, securities holdings, securities transactions and FX confirmations. This is the first installation of Corona on an IBM AS400 platform.
Corona has initially been installed at Mirabaud’s headquarters in Geneva. It will subsequently be installed in the bank’s subsidiary in Montreal. Prior to selecting Corona, Mirabaud was performing these transaction processes manually. The move to an automated environment will enable the bank to substantially increase operational efficiency whilst reducing costs and risk.
A key focus for Mirabaud is the realisation of STP. Due to its user-definable, flexible matching criteria, Corona achieves impressive matching rates, in excess of 90%. Not only will this increase the number of transactions that Mirabaud can process straight-through, it will also ensure that only true mismatches are identified as exceptions.
The deployment of Corona for the management of cash, securities and FX trades will allow Mirabaud to view all legs of a trade in one system, further enhancing operational efficiency.
Speaking on behalf of the bank, Jean Claude Schneider, CIO Directeur Adjoint, Mirabaud Privat Bank, said: “Corona forms a fundamental component of our STP strategy. We will now be able to track the complete transaction process from confirmation through to settlement in a single system, giving the user complete transaction transparency. This is key to the quick and effective resolution of exceptions.”
“We chose to partner with SmartStream Technologies due to its proven Best of Breed technology and ability to install the modules on the bank’s preferred IBM AS400 platform,” continued Jean-Claude Schneider.
Rolf Eichenberger, SmartStream Technologies’ Country Manager for Switzerland commented: “We are very pleased to have Mirabaud as a client. SmartStream was the first technology provider to see the inherent benefits in combining the reconciliation of cash and securities. A securities trade will always have a cash element, which is often combined with a FX transaction. The ability to manage all of these elements in a single system brings untold benefits to the user in terms of operational efficiency and risk reduction. Not only does it reduce the number of exceptions, but it also speeds up the resolution process, both of which are fundamental to improving STP rates and managing risk.”