Denmark’s Jyske Bank has gone live with SmartStream’s TLM Corporate Actions solution after a back-office technology refit that exchanged legacy systems with back-office platforms from Danish IT solutions provider Bankdata.
The bank, the second largest independent bank in Denmark, went into production with the Bankdata and SmartStream systems in October 2012. It reviewed other corporate actions solutions in the market and Bankdata modules before selecting SmartStream to automate reconciliation and corporate actions management that had previously been handled manually. SmartStream has worked with Bankdata at a number of banks in the region, allowing Jyske to consider other client references and achieve a smooth implementation of SmartStream corporate actions on the Bankdata platform.
Troels Linderoth Lolck, director, head of securities, at Jyske Bank, says: “The implementation was a quick and smooth process without any disruption to our day-to-day activities. We now have complete visibility, control and flexibility for all of our event processing requirements.”
The TLM Corporate Actions solution includes modules such as reference data manager, event manager, communications, election management, entitlement calculation and posting to support fast, accurate and transparent corporate actions management, and deliver benefits of cost and resource reduction, as well as reduced operational risk and reputational risk as a result of failing to capture any corporate actions events.
Alan Jones, product manager at SmartStream, says Jyske Bank is one of many banks in Denmark using TLM Corporate Actions and suggests the region is buoyant for the company on the basis of its references and relationship with Bankdata.
Looking forward, the company is monitoring regulatory changes that could affect corporate actions management and is ready to adopt ISO standard 20022, the next standard for corporate actions messaging, once clients choose to adopt it. It is also preparing for updates to the more prevalent ISO 15022 standard that will be finalised in June and go into production in November 2013. As well as working on technical developments, the company continues to push the Event Management on Demand service it introduced in September 2011 into the market, offering automated event management in the cloud as a foundation for users’ in-house corporate actions solutions.