DBS has reviewed a number of suppliers to provide a new reconciliation solution in Asia due to its existing reconciliation system approaching the end of its lifespan and support.

Another principal reason behind DBS’ selection of the Broadridge solution was its ability to offer a fixed-price implementation service together with a fast-track installation.

Broadridge offers the fixed scope, fixed price approach to the implementation of its PROactive suite of solutions in order to give clients the choice between a proven, standard implementation or a more tailored implementation for clients preferring differentiation.

The solution provides configurable modules for both internal and external reconciliation across cash, payments and multi-asset capital markets transactions, as well as an increasingly popular liquidity management solution for ensuring best use of intra-day funds.

Ong Chin Cheong, assistant vice president for technology and operations at DBS Bank, said: “DBS selected PROactive Reconciliations due to its clear and competitive pricing, positive user feedback in the region and the fact that its screens and configuration tools are user-friendly and easy for new users to understand quickly.

“The bank favors a fixed-price approach as it shows the vendor is committed to winning the business, and we believe that it also minimizes implementation risk. It is important that we avoid implementation delays or the costs escalating beyond budget.”

Akhter Khan, managing director for Asia at Broadridge City Networks, said: “We are pleased that this approach has been so successful for DBS. The project took three months and came in within the strict timescale needed due to the tight deadlines to decommission its incumbent system. We are proud that Broadridge City Networks was able to meet these short timelines.”

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