Sell-Side Technology Awards 2013: Best Sell-Side Reconciliation Platform ─ SmartStream

With an enhanced regulatory focus on settlement processes, accounting and other areas, as well as shorter periods in which to complete those actions, few vendors are able to offer an integrated package in the way that SmartStream can with its Transaction Lifecycle Management (TLM) focus. Justifiably, the London-based vendor not only won this category in last year's Buy-Side Technology Awards ─ it has doubled up by winning the first ever Sell-Side Technology gong for the best sell-side reconciliation platform.

While many developers claim to offer a catch-all solution for transaction reconciliation, SmartStream's TLM Reconciliations-Premium handles everything from cash, securities and credits through to listed and over-the-counter (OTC) derivatives, as well as net-asset valuations (NAVs) and market valuations. The company's focus on straight-through processing and automation has meant that it was recently able to set an industry standard when two of its tier-one bank clients auto-matched over half-a-billion transactions in under an hour. It's worth taking a moment to appreciate the sheer scale of that process, and the volume of data involved.

This becomes important in light of regulation such as Title VII provisions in the Dodd-Frank Act, or the European Market Infrastructure Regulation, which call for daily and even-more frequent reconciliations and reporting schedules. The trade date-plus-zero (T+0) settlement time functionality added to TLM at the end of the last year, gives an enhanced focus to real-time views of transactions and reconciliations, further adding to the efficacy of SmartStream's platform. In the longer view, the transformation of reconciliation tasks from a primarily accounting area to more of an investigative process with customer service aspects, is mirrored by the way SmartStream is developing its product.

SmartStream's clients include the biggest names in global investment banking, while its flexible web interface and the ability to migrate existing reconciliations to the platform in a seamless manner, continue to ensure its dominance in this little discussed, but increasingly crucial, area of the trade process.

While many developers claim to offer a catch-all solution for transaction reconciliation, SmartStream's TLM Reconciliations-Premium handles everything from cash, securities and credits through to listed and over-the-counter (OTC) derivatives, as well as net-asset valuations (NAVs) and market valuations

SMARTSTREAM REACTION

"SmartStream is delighted to be named the inaugural winner of the best sell-side reconciliation platform award. With an increasing number of reconciliation solutions coming to market over recent years, it is a testament to the skill and dedication of our development team that we continue to lead the way in this field. The team consistently puts client and market needs at the forefront of development and the latest version of TLM Reconciliations-Premium reflects this. The solution, which meets all reconciliation and exception-management requirements on a single platform, was developed in response to continued customer demand to cut operational costs and duplication of feeds. I believe the award perfectly complements the best buy-side reconciliation platform award, which we have won for the past three years, and demonstrates that SmartStream truly is the company to beat in the reconciliation space."

Darryl Twiggs, head of product development, SmartStream