SmartStream Technologies, a provider of transaction lifecycle management solutions, has announced that the Asian operation of a tier 1 European bank has selected TLM Corporate Actions to improve processing efficiency throughout the corporate event lifecycle and reduce risk.
The bank’s operations in Hong Kong, which serve as a regional hub for Asia, sought to replace its existing manual corporate event processing with an automated solution. This would enable the bank to scrub and cleanse event notifications from multiple parties including custodians, Bloomberg and several stock exchanges efficiently, said SmartStream.
The bank has selected SmartStream’s TLM Corporate Actions to deliver an automated processing solution. During the selection process, SmartStream was deemed to have the most functionally rich solution available to match the bank’s needs, enabling automated processing of initial event notifications, elections, entitlement calculation and payment notifications.
Richard Cummings, SmartStream’s regional director for Asia Pacific, said: I’m delighted that another leading bank in the region has selected TLM to deliver automation across the lifecycle of its corporate actions processing. As competition for business increases across Asia, existing manual processing of events is costly, error prone and creates an unnecessary risk to the organization.
TLM Corporate Actions is a proven solution that will support this bank to deliver more robust risk management, reduce error rates associated with manual input and provide improved custodian support and customer service.