International Bank of Taipei upgrades reconciliation process

International Bank of Taipei (IBT) plans to automate its nostro reconciliation process to improve its operational risk by deploying SmartStream Technologies’ Corona transaction management solution.

Corona is a modular software product that supports end-to-end control of the transaction management process. It includes functionality for the reconciliation of cash transactions, securities messages and confirmations, exception management, and intra-day reporting.

IBT has a reputation as an innovator in the Taiwanese banking market, where it was the first financial institution to operate overseas branches - in Hong Kong and Macau. It expects the deployment of Corona will increase operational efficiencies. "[It] will streamline our workflows and reduce our operational risk,” said He Shou Chuan, the bank’s chairman

The straight-through processing system should enable transactions to be matched at an early stage in the trade lifecycle. The ability to spot and repair failed trades with minimal delays ensures unnecessary risk exposure is avoided.

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