SmartStream, a financial Transaction Lifecycle Management (TLM) specialist and provider, announced today that Bank Mendes Gans (part of the ING Group) has implemented SmartStream’s Corona Cash and Liquidity solution, in order to continue to meet regulatory requirements such as BCBS 248 for intraday reporting while managing 500,000 transactions per month. The solution is due to go live in the last quarter of 2016.
Bank Mendes Gans will have access to intraday liquidity with an overview of all bank transactions, while complying with regulation and auditing requirements. In addition, as the bank has a large number of correspondents, this means the system will allow the bank to monitor all transactions and provide detailed information on performance.
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SmartStream’s solution enhances the visibility of cash positions with our correspondents and in multiple currencies.
Christian Schiebl, Executive Vice President, Corona Business Unit, SmartStream, commented: “Bank Mendes Gans remains state of the art in terms of meeting the regulatory measures. We are delighted with this implementation, as not only does the bank have very high STP rate, of at least 95%, it only took five days to implement the IT. The Business Team at Bank Mendes Gans is now focusing on the special reporting requirements. As a team we look forward to working together on many projects in the future.”
Finance Magnates last reported on SmartStream earlier this month after the company had its TLM Corporate Actions solution achieve SWIFT Certified Application status, effectively meeting the highest degree of messaging standards possible while confirming its commitment to working with the industry to improve processes, reduce costs and increase control.
Edzer Dirksen, Manager Client Services, Executive Vice President, Bank Mendes Gans, added: “SmartStream’s Corona Cash and Liquidity solution for intraday reporting enhances the visibility of cash positions with our correspondents and in multiple currencies. We will be able to manage our risk on an intraday liquidity basis which enables us to react faster and with more flexibility.”