SmartStream Technologies says Swedbank Markets has purchased its reconciliations and exception management solution. Swedbank has selected Corona for its cash, securities, money market and foreign exchange reconciliations.
The selection of Corona by Swedbank was the result of a competitive bid and forms part of the bank’s strategy to consolidate its systems across the bank to handle its cash and securities and foreign exchange transactions within a single application.
“By amalgamating two systems into one and upgrading the functionality, Swedbank will be able to avoid the operational inefficiencies associated with fragmented business processing and make significant cost reductions,” says Mark Cappell, Managing Director, Northern Europe, at SmartStream. “The great strength of the Corona product lies in the integration of its individual modules. The deployment of Corona will enable Swedbank to maintain complete operational control of a trade throughout its various transactional stages across cash, securities and fix.”