More NewsBank Espirito Santo Angola Selects SmartStream to Automate Reconciliations

Bank Espirito Santo Angola Selects SmartStream to Automate Reconciliations

Bank Espirito Santo Angola (BESA), part of the Portuguese Bank Espirito Santo (BES) group, has selected SmartStream’s TLM Corona for cash and intraday reconciliations.

Payments reconciliations and positions were being managed using basic tools and as transaction volumes continued to rise they created a significant processing bottleneck. This led BESA to examine solutions that could reduce risk and cost while providing greater control and scalability to BESA’s operations.

The BES Group was familiar with SmartStream’s reconciliation capabilities as it already used the TLM Corona solution in Portugal. After a review of BESA’s requirements, it selected TLM Corona to automate the bank’s cash and intraday reconciliations, cash positions, and investigations.

Katila Santos, operations manager at BESA, said: “With a highly successful business we were seeing a large increase in transaction volumes and our existing tools to support reconciliations were starting to cause processing problems. We pride ourselves on providing the best possible service to customers and so looked for a solution that could provide greater automation and scalability while also delivering improved visibility into our cash positions. By implementing TLM Corona we can significantly improve risk control and ensure our back office is more efficient enabling us to reduce operational costs. It will also support improved customer service as we can quickly see where exceptions have occurred and fix the issue to ensure the correct payments are made.”

Related Articles

Preparing for GDPR? Here’s four things to consider

More News Preparing for GDPR? Here’s four things to consider

3m Elliott Wiseman
Cash flow in focus for investors

Cash Management Cash flow in focus for investors

4m Conor Deegan
Treasury TV: Karen Pugsley, Domino's Pizza Group

More News Treasury TV: Karen Pugsley, Domino's Pizza Group

4m Victoria Beckett
Treasury TV: Yeng Butler compares US and European MMF reforms

Compliance Treasury TV: Yeng Butler compares US and European MMF reforms

4m Victoria Beckett
Treasury TV: Tim de Knegt, The Port of Rotterdam

10 Minutes With The Treasury Treasury TV: Tim de Knegt, The Port of Rotterdam

4m Victoria Beckett
Banks are selling clients short with short dated cash deposit U-turns

Banking Banks are selling clients short with short dated cash deposit U-turns

4m Victoria Beckett
What does sterling’s Brexit boost mean for UK manufacturers?

More News What does sterling’s Brexit boost mean for UK manufacturers?

5m Tasja Botha
FX for corporates: 5 best practices for treasurers

Economy FX for corporates: 5 best practices for treasurers

5m Mateo Graziosi