Deutsche Bank announced a move of its reconciliation services to further improve processing and reduce costs. It’s selected SmartStream Technologies’ Centre of Excellence (CoE) to provide an off-site operations platform – including three services for the bank to streamline, simplify and reduce the costs of its reconciliations environment.
With the growth in volume of reconciliations, the processing of large quantities of data has become complex. Many financial institutions are exploring utilities to ensure accuracy and cost savings. With the addition of the CoE to Deutsche Bank, SmartStream will provide the bank with three distinct managed services: 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 mutualization.
Bobby Handa, Head of the Global Reconciliations Group at Deutsche Bank, said: “This step is part of our journey to reduce the complexity of our IT environment. Modernizing our reconciliation processing is critical to increasing productivity, reducing costs, as well as meeting regulatory requirements. Our aim with the CoE is to apply continuous process improvement across our business lines, as well as minimizing and eliminating any likely risks”.