Banking group automates back office

Banking group automates back office

Kaupthing Singer & Friedlander consolidated IT to support higher capability

Specialist banking firm Kaupthing Singer & Friedlander is using automation software to improve reconciliations.

The bank previously relied on manual processes and multiple IT systems. The integrated Corona software from finance software supplier Smartstream Technologies will reduce errors and minimise risk by eliminating the need for re-keying information, says the firm.

Kaupthing Singer & Friedlander director of operations Steve Waldron said: "Corona will enable us to move from monthly reconciliations to daily reconciliations, improving exception resolution times and reducing operational risk."

The system supports proactive exception management, allowing higher transaction volumes. It will work across the bank and its S&F Investment Management (SFIM) subsidiary.