Nairobi, Kenya (Vocus/PRWEB) March 28, 2011
Commercial Bank of Africa Limited (CBA), the largest privately owned Kenyan bank, has centralized its reconciliation and exception management processes using SunGard’s Ambit Reconciliation solution. The solution has helped the bank reduce operational risk by automating manual reconciliations and increasing the speed with which investigations can be performed. Specific transactions being reconciled by the centralized platform include cash nostro and suspense accounts, interbank clearing transactions, ATM card settlement and FX/MM confirmations.
With SunGard’s Ambit Reconciliation solution, CBA has automated and centralized its reconciliations, resulting in the implementation of standardized processes throughout the bank. Ambit Reconciliation also helps CBA identify exceptions early, helping reduce the cost of error. The solution’s dashboard provides consolidated views across all asset classes and business lines, helping improve visibility and control.
Isaac Awuondo, CBA’s managing director, said, “We went live on SunGard’s Ambit Reconciliation with multiple lines of business on a single platform within an impressively short timeframe. We now have a Web-enabled solution for real-time matching and reconciliation that will help us reduce risk, improve control and eliminate manual processes. Ambit Reconciliation’s dashboard capabilities will also help us benefit from enhanced reporting at all levels of management.”
Jennifer Hanes, executive vice president, reconciliation for SunGard’s Ambit corporate banking business unit, said, “SunGard’s Ambit Reconciliation solution helps banks such as CBA streamline processes for reconciliation and exception management while improving operational efficiency. This deployment reinforces the solution’s strengths in managing diverse and complex enterprise-wide reconciliation requirements that cover multiple asset classes and instrument types.”
About Commercial Bank of Africa
CBA is the largest privately owned Kenyan bank, whose primary focus is Corporate, Institutional and the quality end of the personal banking market. Its efforts and resources are channeled towards providing an efficient, personal and stress free banking experience to corporates, foreign missions, NGOs and the quality end of the personal banking market. For more information, visit http://www.cba.co.ke/
About SunGard’s Ambit
SunGard's Ambit is a banking solution suite for retail, commercial and private banks. It provides banking professionals with solutions that support front-, middle- and back-office operations, as well as solutions for financial management, risk and performance. Ambit helps banks retain and acquire customers, improve staff efficiency and effectively measure and allocate their capital. For more information, visit http://www.sungard.com/ambit.
SunGard is one of the world's leading software and technology services companies. SunGard has more than 20,000 employees and serves 25,000 customers in 70 countries. SunGard provides software and processing solutions for financial services, higher education and the public sector. SunGard also provides disaster recovery services, managed IT services, information availability consulting services and business continuity management software. With annual revenue of about $5 billion, SunGard is ranked 380 on the Fortune 500 and is the largest privately held business software and IT services company. Look for us wherever the mission is critical. For more information, please visit http://www.sungard.com
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