Vienna
27 February 2014
Reporter: Stephen Durham

Raffeisen choose PROactive


Vienna-based Raiffeisen Bank has implemented Broadridge's PROactive Reconciliation Solution across six of its regional subsidiaries to fully automate reconciliation processing.

PROactive allows Raiffeisen to increase its operational control and achieve more efficient processing on a single, standard platform throughout its network banks in Poland, Bosnia and Herzegovina, Kosovo, Romania, Bulgaria and Albania.

Through its shared service centre located in Romania, Centralized Raiffeisen International Services & Payments (CRISP), Raiffeisen is pursuing a strategy to consolidate the reconciliations processing of its operations across multiple European locations into a central hub and intends to migrate remaining international network banks onto a single installation.

A key element of the project has been to shift all processing from locally installed stand-alone systems onto an enterprise-wide platform.

CRISP general manager Pierre Brisse said: "The deployment flexibility of PROactive has allowed us to standardise our central infrastructure for enterprise-wide reconciliation processing and maximise operational efficiency across multiple regions. We are seeing high quality results from the solution's advanced automation and workflow, including substantial improvements to our automated matching rates and the ability to quickly onboard additional reconciliation types, such as ATM and internal account reconciliations."

General manager of EMEA and Americas for Broadridge's PROactive Solutions, Jose Contin, said: "This project is further affirmation of Broadridge's growing footprint in Central and Eastern Europe. More and more, clients like [Raffeisen] are moving towards a centralised reconciliations service, and we are already seeing how the strategy is enhancing the bank's transparency and operational control while enabling significant improvements in risk management and cost efficiency."

More news
The latest news from Asset Servicing Times
Join Our Newsletter

Sign up today and never
miss the latest news or an issue again

Subscribe now
UniCredit launches instant payment solution
22 November 2017 | Milan | Reporter: Becky Butcher
UniCredit has launched its cross-border instant payments solution in Italy and Germany
Hedge fund industry reaches new highs in Q3
22 November 2017 | London | Reporter: Zsuzsa Szabo
The hedge fund industry has recorded strong performance in Q3 2017, after stumbling in 2016, according to Preqin
SSGA hires Nordic head of SPDR ETFs
21 November 2017 | London | Reporter: Theo Andrew
Based in London, Marcus Miholich will be responsible for evaluating the investment objectives of SSGA’s Nordic client base. He will report to Rory Tobin, global co-head of SPDR ETFs at SSGA
EU Commission opens consultation of SFTR TR fees
21 November 2017 | Paris | Reporter: Drew Nicol
UK-based trade repositories may be forced to shoulder additional third-party recognition fees to operate under EU regulatory frameworks post-Brexit, according to proposed EU Commission rules
Volante Technologies partners with eVision
21 November 2017 | New York | Reporter: Jenna Lomax
Volante will use eVision on its VolPay Suite, which is designed to accelerate all aspects of payments transformation projects, for Egypt and North Africa
Esprow launches new version of ETP Studio
21 November 2017 | New York | Reporter: Jenna Lomax
Esprow has launched version 3.0 of its ETP Studio for financial information exchange
Citi boosts custody and fund services team
21 November 2017 | London | Reporter: Stephanie Palmer
Fiona Horsewill is set to join Citi as head of product development and strategy for custody and fund services EMEA
More news