SWIFT and SmartStream Partner for Reconciliations via SWIFT
SWIFT and SmartStream have partnered to enable financial institutions to communicate with SmartStream’s TLM OnDemand reconciliation service via SWIFT. TLM OnDemand is SmartStream’s software-as-a-service (SaaS) offering for reconciliations.
Existing SWIFT customers can reuse their SWIFT infrastructure to use SmartStream’s service, reducing transaction breaks, operational risk and time to process transactions, while maximising their return on investment and minimising total cost of ownership (TCO).
Chris Church, global head of securities at SWIFT, said: “The combination of SWIFT and SmartStream’s TLM OnDemand will help firms to simplify the transaction process, deliver increased STP [straight-through processing] rates and drive down TCO.”