SmartStream Standardizes Reconciliations With New Version of TLM Product
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."
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@waterstechnology.com or view our subscription options here: https://subscriptions.waterstechnology.com/subscribe
You are currently unable to print this content. Please contact info@waterstechnology.com to find out more.
You are currently unable to copy this content. Please contact info@waterstechnology.com to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@waterstechnology.com
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@waterstechnology.com
More on Trading Tech
WatersTechnology latest edition
Check out our latest edition, plus more than 14 years of our best content.
Tech and data fragmentation irks enterprise risk managers
Often at the mercy of decisions made by other parts of the bank, ERM heads gripe at disparate systems, poor UX, and reporting gaps.
When trading systems disagree: a deterministic architecture for event sequencing
Modern trading platforms execute millions of events at extraordinary speed, but speed alone does not ensure that every downstream system shares the same view of reality, says Gaurav Tiwari.
Goldman exec: Dec. 6 a ‘lighthouse’ for EU T+1 readiness
Officials from JP Morgan, the European Central Bank, the National Securities Depository, and Goldman Sachs explained how T+1 preparation needs to be different in the EU than in the US, while speaking at Sibos.
Month-long power glitch hits key APAC trade surveillance tool
Nasdaq’s alert functions were restored, but users say testing and calibration tools were still disrupted.
Bankers question value of round-the-clock trading
BNY and State Street execs predict the arrival of extended-hours trading will come with a hefty price tag for industry firms.
BlackRock Aladdin prioritizing semantic layer for agentic AI
The asset manager’s tech platform is spending “a lot of time thinking about” semantics before it rolls out AI for a variety of tasks, says Aladdin exec.
Trading firms rethink infrastructure proximity as Asia’s FX markets grow
Firms that treat local infrastructure as core to how they serve clients in Asia stand to benefit from Singapore’s growing role as an FX hub, writes Judy Goh.