SmartStream Technologies, transaction management STP solutions provider, is pleased to announce that Thai Farmers Bank in Thailand has selected SmartStream Technologies for the automation of its Nostro cash account reconciliation.
Thai Farmers Bank is one of Thailand’s largest banks with total assets of approximately US$ 17.5 billion and total deposits of US$ 15 billion. The bank operates a network of more than 530 branches and provides a comprehensive range of banking services.
The signing of Thai Farmers Bank adds to SmartStream Technologies’ growinglist of prestigious and satisfied clients in the Asia Pacific region, where the company has offices in Hong Kong, Sydney and Singapore. Some of the world’s leading financial institutions in Asia Pacific rely on SmartStream technology, including: Citibank, Bank of Communications and The National Bank of New Zealand.
The SmartStream solution will be used to automate the current manual reconciliation processes being performed in the bank’s Bangkok head office.
The solution from SmartStream Technologies was chosen following an in-depth evaluation of three vendor solutions. Thai Farmers selected SmartStream Technologies due to the solution’s superior matching rates and best of breed functionality. The ability to automate its current manual reconciliations process will enable Thai Farmers Bank to realise significant improvements in operational efficiency whilst reducing operational costs and risk.
Speaking on behalf of Thai Farmers Bank, Mr. Vichai Dittasri, First Vice President of the International Trade Department, said: “We foresee a significant growth in our business and to cope with this we need a proven system with sophisticated functionality, which will enable us to handle increased volumes with ease and subsequently reduce our operational risk.
SmartStream Technologies’ solution with its best of breed functionality and volume insensitivity is ideal for this. In addition, SmartStream’s extensive and impressive customer base in Asia Pacific assured us that we were selecting a system provider with the experience and expertise we required to meet our operational requirements both now and into the future.”
Andrew Raymond, SmartStream Technologies’ Director for Asia Pacific, commented: “We are delighted to add another prestigious name to our ever expanding customer base in Asia Pacific. This has been a fantastic year for SmartStream in this region, which is testament to the unsurpassed quality of both our systems and people.”