SmartStream Technologies, the London-based STP solutions provider, has been selected by the International Bank of Taipei (IBT) to automate the bank’s Nostro reconciliation process.
IBT, founded in 1948, has been listed on the Taiwan Stock Exchange since 1983 and has a market capitalisation of around NT$18 billion. It has close to 90 domestic branches in Taiwan, and overseas branches in both Hong Kong and Macau.
“IBT is committed to retaining a competitive edge in this demanding marketplace,” says He Shou Chuan, chairman of IBT. “In order to do this we need to achieve the highest levels of operational efficiency and our partnership with SmartStream is key in helping us realise this goal. The deployment of SmartStream’s Corona solution will enable us not only to streamline our workflows but also to reduce our operational risk, allowing us to concentrate on growing our business with confidence.”
William
Goh,
Vice President, Business Development, at SmartStream, added: “IBT is the first local Taiwanese bank to adopt Corona. The bank conducted a rigorous selection procedure and our extensive experience in implementing leading edge solutions in major global banks assured IBT that SmartStream was the right choice”.
SmartStream has enjoyed some success in North East Asia. This appointment follows mandates from a number of other banks banks in China and Hong Kong. “We are delighted to be able to welcome IBT to our prestigious client list,” says Andrew Raymond, Managing Director for the Asia Pacific region at SmartStream Technologies. “This is further demonstration of our ability to deliver state-of-the-art reconciliations solutions to leading Asian financial institutions. The bank’s strategic commitment to SmartStream is a strong endorsement of our service and product excellence in Asia Pacific.”