Automated data reconciliation implemented at a major Canadian bank.
When Oscar Peterson (who died in 2007) wrote the song “My Personal Touch,” most people probably thought the title was referring to the piano keys he so skillfully caressed. But that’s far off the mark: The world famous jazz pianist dedicated this piece to the “personal touch banking machines” of Canada’s largest bank. They were highly advanced even back in 1981. Complex technology hidden beneath a user-friendly interface – in order to implement this objective, the bank relies on products from Beta Systems that help it keep data center processes up and running. This is among our largest Beta 91 installations in North America, and it has been upgraded and extended ever since its introduction in the early 90s.
What happened to a major financial service provider when they prepared their quarterly statement makes the perfect case for Beta 91: According to press sources, a computer error caused faulty bookings affecting hundreds of accounts, in some cases resulting in negative balances in the range of tens of throusands of dollars.