Feb 28, 2013
London, February 26th 2013 - SmartStream Technologies, the financial Transaction Lifecycle Management specialist, today announced the launch of their latest reconciliations solution developed in response to continued customer demand to cut operational costs and duplication of feeds – with the long term view of having a single platform for back office operations.
There is a drive towards a single utility, as opposed to siloed operations, in the back office, where one team can manage the entire back office function. This allows for better control over each entity and the ability to confidently report to all business lines. The new SmartStream offering avoids the need for multiple systems, multiple licences and the training of employees on different systems.
With a single solution for all reconciliations types, TLM Reconciliations Premium version 2.4 has been benchmarked with two tier-one investment banks, who were able to carry out over half a billion auto matches in one hour, setting a new industry standard.
Darryl Twiggs, Head of Product Management, SmartStream Technologies, says: “From conversations I’ve had with the major banks it is clear the big focus for this year is to develop a single-platform for all back-office operations. Clients are looking to take advantage of economies of scale, cost reductions and overall control of theback office by bringing it closer together, with one team managing the entire process. We are the only vendor to provide a single reconciliations product for all instruments in the market and are pleased to see the interest from several major banks globally.”
He continues: “Reconciliations is just the start, banks are looking at the entire package to manage all back office requirements on one platform. We are continually developing our solutions on a regular basis by understanding our client needs through our user forums where we gather information on specific market needs.”
The latest version includes a standard reconciliations package for OTC Derivatives. Regulations arising from Dodd-Frank and EMIR, place new demands for regular and in some cases, daily reconciliations of these complex instruments. SmartStream’s customers can now roll-out an industry standard model for OTC Derivatives in the fastest time available today.
One of the challenges for IT departments is to bring new reconciliations to production in the timeframe demanded by business operations. Version 2.4, with its standard ‘out of the box’ packages and a new graphical message mapping ETL tool, solves all of these challenges.
TLM Reconciliations Premium version 2.4 delivers a single solution for a wide range of reconciliation packages including cash, securities, credits and debits of all types, exchange listed derivatives, OTC Derivatives, all contracts, Net Asset Valuation and Market Valuations, as well as generic intersystem reconciliations.
Re-disseminated by The Asian Banker