Banco Santander has gone live with a TLM reconciliations system that creates a shared service platform for the group.
The world's eighth-largest bank has deployed SmartStream's transaction lifecycle management (TLM) reconciliations system across its operations.
TLM Reconciliations will create an instrument agnostic processing platform to the Santander Group.
The system will improve the group's respond to current and future market and regulatory challenges.
The implementation is based on a centralised shared service centre model that will support the whole Santander Group.
It includes reconciliations capabilities for cash, securities, and FX confirmations, as well as inter-systems reconciliation and reconciliation of complex treasury products such as Swaps and OTC Derivatives.
Luis Corbolan, director of reconciliation operations at Santander, said, "TLM Reconciliations has provided us with the flexibility and scalability we needed to build a common reconciliation platform for the group.
"By creating an agnostic reconciliations processing capability we are able to handle complex transactions like OTC derivatives as well as more standard instruments. This project has enabled us to gain even greater control over our processes and further reduce operational risk and cost," he said.