The Asian operations of a tier 1 European bank has selected SmartStream Technologies’ Transaction Lifecycle Management (TLM) Corporate Actions solution with a view to improving processing efficiency throughout the corporate event lifecycle and reduce risk. According to the vendor, the solution allows the bank to achieve automation in previously highly manual processes.
The bank’s operations in Hong Kong, which serve as a regional hub for Asia, sought to replace its existing manual corporate event processing with an automated solution, says Richard Cummings, Asia Pacific regional director at SmartStream. The bank hopes the solution will enable it to scrub and cleanse event notifications from multiple parties including custodians, Bloomberg, and several stock exchanges more efficiently.
During the selection process, SmartStream claims it offered the most functionally-rich solution available to match the bank’s needs. The solution will therefore enable the automated processing of initial event notifications, elections, entitlement calculation and payment notifications.
Cummings says: “As competition for business increases across Asia, existing manual processing of events is costly, error prone and creates an unnecessary risk to the organisation.”