Jyske Bank goes live with SmartStream corporate actions tools
Danish bank Jyske Bank has gone live with corporate actions technology from SmartStream.
Headquartered in Copenhagen , with a head office and IT facilities in Silkeborg, 120 miles to the northwest, Jyske has 109 branches in Denmark, as well as subsidiary banks and branches in Switzerland, Gibraltar and France.
It will be using SmartStream’s TLM Corporate Actions processing software, which includes different modules such as reference data manager, event manager, communications, election management, entitlement calculation and posting to keep control of the bank’s data, milestone dates and key tasks associated with all events.
“The implementation was a quick and smooth process without any disruption to our day to day activities,” said Troels Linderoth Lolck, head of securities services at Jyske. “We now have complete visibility, control and flexibility for all of our event processing requirements. We are very pleased to take on board the SmartStream TLM Corporate Actions product into our back office operations.”
Corporate actions has been characterised as one of the most risky areas outside the trading floor. Problems with back office functions could potentially cause severe costs for financial institutions, and recent years have seen a drive to automate corporate actions processing as far as possible. In January for example, financial technology company SunGard acquired XcitekSolutionsPlus, a corporate actions specialist, in a move aimed at capitalising on the increasing automation of the sector.
However, the problem for the industry is that before it can automate actions between all participants, it must adopt standardised templates so that the information contained can be processed effectively. Last year, Werner Frey, head of post-trade at trade body the Association of Financial Markets in Europe, said that central securities depositories and intermediaries have been successful in the push towards adopting standards.