Deutsche Bank has selected SmartStream Technologies’ Centre of Excellence (CoE) to provide an off-site operations platform including three services that will allow the bank to streamline, simplify and reduce the costs of its reconciliations environment. The decision to use the SmartStream managed service utility is part of the bank’s transformation programme.
The three managed services to be provided by SmartStream to Deutsche Bank cover reconciliations onboarding, production support and operational reconciliation services.
The services should make the processing of reconciliations faster and more cost-effective. The integration of the overall service will be done in a phased approach in which Deutsche Bank expects to increase productivity and reduce costs through mutualisation.
SmartStream’s Transaction Lifecycle Management (TLM) Reconciliations Premium solution performs Nostro and securities, as well intersystem, reconciliations at Deutsche Bank. These processes will be transferred to the CoE. Further efficiencies will be gained by reducing the complexity of systems, processes and technology, while creating a governance structure to define best practices for all reconciliations at the bank.
Bobby Handa, head of the global reconciliations group at Deutsche Bank, says: “This step is part of our journey to reduce the complexity of our IT environment. Modernising our reconciliation processing is critical to increasing productivity, reducing costs, as well as meeting regulatory requirements. Our aim with the CoE is to apply continuous process improvement across our business lines, as well to minimise and eliminate any likely risks.”
Haytham Kaddoura, CEO at SmartStream, adds: “As a team, we are working to provide a complete and sophisticated end-to-end reconciliations process that is designed to give the bank a competitive edge with centralised reconciliation services. This will enable growth, provide stability and mitigate risk.