The new services will improve processing of reconciliations by making it faster and more cost-effective
Deutsche Bank has selected SmartStream Technologies’ Centre of Excellence (CoE) to provide an off-site operations platform
The platform includes three services which will allow the bank to streamline, simplify and reduce the costs of its reconciliations environment.
In a statement, Deutsche Bank said with the growth in volume of reconciliations, the processing of large quantities of data has become complex hence many financial institutions are exploring utilities to ensure accuracy and cost savings.
The addition of the SmartStream’s CoE will provide the bank with three distinct managed service, reconciliations on-boarding, production support and operational reconciliation services. 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, said modernising the bank’s reconciliation process is critical to increasing productivity, reducing costs, as well as meeting regulatory requirements.