SmartStream Technologies, the financial transaction lifecycle management specialist, has released the latest version of its reconciliations solution, TLM Reconciliations-Premium, which is designed to cut operational costs and duplication of feeds.
With a single solution for all reconciliations types, 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, which the London-based vendor calls a new industry standard.
SmartStream has consolidated the configured workflows and message support it has built in various customer projects into a single-solution release with pre-configured packages. "By using the pre-configured reconciliation packages, customers are able to effectively switch on a new reconciliation and bring it to production in the shortest timeframe," says Darryl Twiggs, EVP product management. "There is no need for configuration by IT; the workflow comes out of the box."
The single platform includes integrated account balancing and exception management for all instruments, from including OTC derivatives, which were added recently. The vendor says its clients are reorganizing and consolidating their reconciliations control processes into a single processing utility that provides service to their lines of business, enabling them to eliminate redundant matching applications. In most cases, each line of business is supported by its own reconciliations team.
"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," says Twiggs. "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. 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."
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