As part of an IT overhaul that has included a new core banking system, AAB wanted to introduce a single platform capable of processing a variety of transaction types.
The firm selected TLM Corona’s Cash and Securities modules to manage transaction processes previously handled by a combination of the old core banking system and individual point solutions.
The new solution, hosted at AAB’s parent company LVM Versicherung in Munster, is now live, processing the firm’s cash account and holdings reconciliations for both internal nostro and external accounts such as Clearstream.
AAB head of Transaction Centre Martin Dumbs said the higher automation rate that AAB has achieved within the daily reconciliation using TLM Corona is a significant benefit.
"The system also offers a better documentation of already reconciled accounts so they can also be analyzed retrospectively to ensure continuous process improvement.
"Another significant improvement is the ability to set up an unlimited number of partners within the nostro reconciliations processes, which supports the rapid growth of AAB and the expansion of the number of business relationships we have created," Dumbs said.
