Buy-Side Technology Awards: Best Buy-Side Reconciliation Service/Platform─SmartStream Technologies

TLM Reconciliations-Premium is the only solution in the market that matches and reconciles transactions of any type, including cash, securities, net-asset value (NAV), intersystem transactions, derivatives-both over-the-counter (OTC) and exchange-traded-and general ledger. Its core functionality is available through a software-as-a-service (SaaS) model or on-premises.

TLM Reconciliations-Premium is a scalable product with a number of pre-built models. With prior versions of TLM Reconciliation, custom models had to be built by or for clients. Now there is a library of pre-built models, like NAV for example, allowing clients to get to market faster. The solution is also configurable, as it demonstrated when Bank of America Merrill Lynch asked SmartStream to add an accounts payable and receivable capability to provide their clients with an automated receipt-reconciliation service. "We believe that we are the only reconciliations vendor to develop our solution in this way, as a value-add service to our clients' clients," says SmartStream CEO Philippe Chambadal.

General Electric installed the solution this year as part of a project to replace in-house systems and spreadsheets, and merge its cash processing and general ledger reconciliations onto one platform. General Electric is already looking to add new lines of business, according to the vendor, and estimates that by extending the use of TLM Reconciliations-Premium from general ledger reconciliations to other business lines within the organization, the savings could be substantial. User-firms are reporting a 50 percent reduction in the time needed to process and sign-off on accounts, dropping processing periods to an average of five days.

Chambadal says his company has spent a quarter of its revenues on research and development throughout the post-crisis period, a time where so many other third-party vendors have shrunk their budgets. If that continues, expect SmartStream to occupy the winners' circle for a while to come.