Conguration work began in August 2005 and three months of user acceptance testing began at the end of November. This is a critical system, once you send a SWIFT message, the money is gone. It was important that this was right, adds McCabe. The system went live in March 2006 and covers 18 different SWIFT message types. TLM Cash Management receives transaction data from the two treasury systems and the integrated rules-based Workow identies each transaction type and determines the appropriate course of action. TLM Reconciliations automatically reconciles notications and conrmations based on predened matching criteria. SmartStreams Web portal TLM WebConnect provides Bank of Scotland with a real time view of their payments and receipts operations. Additionally, the rm now have the added benet of a complete audit trail for every transaction. The implementation of TLM Cash Management has delivered a single, global view across all currencies and accounts in real time, providing an accurate view of balances and current risk prole. The solution captures transaction data from any internal
or external source, facilitating the calculation and projection of funding, borrowing and lending requirements on an enterprise wide basis. TLM Reconciliations removes the need for manual checking of balances against overnight SWIFT statements. This automation, whereby the banks balances are updated in real time, delivers much greater control over cash balances, leaving Bank of Scotland to better utilise its cash, particularly in areas such as short term funding. Bank of Scotland estimates that it can now handle two and a half times the volumes it did with manual processing, while retaining the same number of staff (ve in the settlements area, for example). Implementing TLM has delivered signicant benets to Bank of Scotland we now have a centralised process management hub for Payments and Receipts, says Bissett. The complete operation is automatically managed from start to nish, delivering a greater level of operational control whilst controlling costs and improving customer service.
Built on SmartStreams TLM Enterprise Control Architecture, TLM solutions provide greater transaction visibility to create exceptionsbased operations capable of automating complex and high volume transaction flows. Operational risk and cost is reduced, while customer service levels are improved.
E XC E P T I O N M A N AG E M E N T OTC D E R I VAT I V E S P R O C E S S I N G R E CO N C I L I AT I O N S
SmartStream is owned by Dubai International Financial Centre (DIFC) and has global operations supporting over 1,000 clients, including more than 75 of the worlds top 100 banks. For more information please visit:
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www.smartstream-stp.com
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