Deutsche Bank has moved its reconciliation services to SmartStream in order to reduce costs and enhance processing.
With the addition of Smartstream’s the Centre of Excellence (CoE) to Deutsche Bank, Smartstream is set to provide the bank with three managed services, which include reconciliations on-boarding, production support, and operational reconciliation services.
The new services aim to improve processing of reconciliations by making it faster and more cost-effective.
According to Deutsche Bank, due to the growth in volume of reconciliations, the processing of large quantities of data has become complex and so many financial institutions are exploring utilities to ensure accuracy and cost savings.
The integration of the overall service will be done in a phased approach, where Deutsche Bank will increase productivity and reduce costs through mutualisation.
Bobby Handa, head of the Global Reconciliations Group at Deutsche Bank, stated: “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.”
He added: “Our aim with the CoE is to apply continuous process improvement across our business lines, as well as minimising and eliminating any likely risks.”
Haytham Kaddoura, CEO of SmartStream, commented: “We are delighted that Deutsche Bank has embraced the managed service utility and what it provides to reconciliations operations.”
He added: “As a team we are working to provide a complete and sophisticated end-to-end reconciliations process, designed to give the bank a competitive edge with centralised reconciliations services, which will enable growth, provide stability and mitigate risk.”
“We at SmartStream have invested a significant amount of research and development in the CoE, which comes with a powerful team capable of running the entire operation, hence reducing the burden on management time at Deutsche Bank.”
