Danish bank goes with SmartStream for corporate actions automation
Ringkjøbing Landbobank is automating its corporate actions system
Danish bank Ringkjøbing Landbobank has implemented a corporate actions tool from SmartStream Technologies, which it says should lead to a more efficient service for customers.
The TLM Corporate Actions offering takes a ‘diary management’ approach, controlling milestone dates and key tasks associated with each event. The key concept is to reduce risk by automating a manually intensive paper-based process. The service will present a normalised view of corporate actions information from any source in any format, and can be pre-populated with data from a data vendor of choice. It also provides a team view, which lets managers monitor their workload through the day.
Taking on data from multiple sources is important because data may need to be gathered from several different systems and a corporate action such as a rights issue, tender offer or dividend payment may involve many different market participants.
“Corporate actions processing needs will only become more complex,” said Alan Jones, product manager at SmartStream Technologies. “It then becomes essential to manage and maintain control of operational costs – which is key for any bank in the current environment.”
The system is provided on a software as a service basis, so it should also reduce costs by removing the need for maintenance and in-house resource.
Ringkjøbing Landbobank is based in the small town of Ringkobing in western Denmark. Established in 1886, the bank currently has approximately 250 employees.
