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.”