Landesbank Baden-Württemberg – London Branch
– Automated Nostro Reconciliation Delivers in Reams
The London Branch of Landesbank Baden-Württemberg (LBBW) had been manually reconciling a significant number of Nostro statements and accounts in a variety of currencies and across multiple time zones. The reconciliation processes were typically inefficient, labour-intensive, potentially error prone and carried with them a variety of operational and reporting risks. In addition to the cost and risk challenges, there was a business need to ensure that cash balance reports were available much earlier in the business day.
Based on LBBW’s requirements and a formal procurement process, a shortlist of two options was generated.
Synergy Financial Systems offered SmartStream’s Corona reconciliation as part of a Fully Hosted secure SWIFT Service Bureau solution. SmartStream’s proven track record, strong client base and easy implementation process together with the level of support available from Synergy contributed to the final decision. Additionally, the flexibility and future proof nature of the solution were key factors in the decision making process. Scalability – the ability to provide a volume insensitive solution – was a key requirement.
The LBBW internal Business Case was very aggressive and included a number of factors in the forecast business benefits. These included total cost of ownership, the saving of full time equivalents on headcount, cost savings linked to paper, ink and printing, significant risk reduction and compliance benefits as well as moving the reconciliation process to a best practice model.
Stephen Gilkes, Head of Settlements and IT at LBBW London Branch said: “The implementation went live in April 2011 and we have been very pleased with the results.” Mr Gilkes added: “The successful implementation of Corona is a major accomplishment for our IT and Settlements departments. The system automates the labour-intensive, paper-based high-risk tasks and activities that were previously performed in the Nostro reconciliation process. Cash balances are now available to the dealers much earlier in the business day, and we have been able to establish much more aggressive internal service level agreements which better support our key business processes.”
Stephen Gilkes, Head of Settlements and IT at LBBW London Branch commented:
“The Synergy team provided first-class support, assistance and guidance throughout the life of the project.
Their contribution to the project team helped to ensure that the project was implemented on time and in full.”
About Landesbank Baden-Württemberg – London Branch
LBBW London Branch has been a contact point for corporate customers and their subsidiaries in Great Britain and Ireland for more than 30 years.
Furthermore, LBBW London Branch is active in one of the world’s main economic and trading centres.
LBBW’s London German Desk provides support to German corporate clients and their British and Irish subsidiaries.
Through excellent contacts with local institutions, LBBW London has built a broad network which continuously assists and supports clients.