SmartStream Technologies has announced that Rabobank, the largest Dutch bank, has selected Corona to enable real-time reconciliations and processing of cash transactions.
Rabobank went live with Corona at the end of 2001. A total of 60 users across five business units are now using Corona at Rabobank’s head office in Utrecht.
Rabobank decided to upgrade its existing technology in order to improve processing efficiency, reduce operational risk and remain competitive in an increasingly demanding market. Rabobank defined a set of requirements at the beginning of 2001, to be used as a basis for selecting a reconciliation solution. A total of three vendors made the short list.
With processing volumes of over 50,000 items a day the bank needed a solution that was volume insensitive and gave a high level of control over the reconciliation process, enabling the timely identification of exceptions and thereby reducing time to settlement. Of particular importance to Rabobank was Corona’s ability to match multi-instrument types and perform real-time reconciliation. Both criteria are key in terms of allowing the bank to attain its goal of increased operational efficiency and reduced operational risk.
Speaking about the agreement, drs. Henk Hutink, Project Manager, at Rabobank said, “We are constantly striving to improve operational efficiency and respond to the increasing demands of a 24-hour global economy. By using Corona we are able to receive and process payments around the clock, allowing us to monitor our real-time cash position and limit risk exposure. In order to excel in the future the bank must be focused on minimising risks and reducing costs. The implementation of Corona is paramount in helping us achieve this.”
Mark Cappell , European Sales Director for SmartStream Technologies commented, “The ability to manage cash and liquidity on a real-time basis is giving the bank an advantage over its competitors. We are pleased to be working with Rabobank in this arena and hope to continue representing an integral part of the bank’s initiatives to remain ahead of the game.”