SmartStream Launches Single Reconciliations Solution
SmartStream Technologies, which specialises in financial transaction management software, has launched TLM Reconciliations Premium version 2.4 – its latest reconciliations solution aimed at meeting customer demand to cut operational costs and duplication of feeds with the long-term view of having a single platform for back office operations.
The UK group said that 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 offering is promoted as avoiding the need for multiple systems, multiple licences and the training of employees on different systems.
With a single solution for all reconciliations types, the latest version 2.4 has been benchmarked with two tier-one investment banks, which were able to carry out over half a billion auto matches in one hour, setting a new industry standard. It includes a standard reconciliations package for over-the-counter (OTC) derivatives. Regulations arising from Dodd-Frank in the US and the European Market Infrastructure Regulation (EMIR) place new demands for regular and in some cases, daily reconciliations of these complex instruments.
“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,” said Darryl Twiggs, head of product management, SmartStream Technologies. “Clients are looking to take advantage of economies-of-scale, cost reductions and overall control of the back office by bringing it closer together, with one team managing the entire process.
“Reconciliations is just the start, banks are looking at the entire package to manage all back office requirements on one platform.”