The move will enable in enhancing the automation of the Corporate Actions processing at Bank Sarasin and the bank will become a core member of a growing user pool for GAIN Corporate Actions Scrubbing within the Avaloq community, said AIM Software.
Additionally, as a part of a strategic initiative to reduce manual overhead and increase quality, Bank Sarasin has identified a need for streamlining the Corporate Actions process before entitlement calculations in Avaloq.
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Peter Sami, head of logistics and member of the executive committee at Bank Sarasin, remarked: "The current situation on the financial markets and the increasing volumes of data prompt all banks to reconsider their processes in the operations departments. Manual data handling is a cost-intensive and error-prone activity that increases the operational risk."
"The automatic capture, cleansing and scrubbing of Corporate Actions announcements is a good example of measures that can bring considerable quality and cost advantages to back-office operations," he added.
Currently, AIM Software is in discussion with other banks, which will lead to the rapid growth of a Corporate Actions-focused community around this core banking application.
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