BUY-SIDE TECHNOLOGY AWARDS: Best buy-side reconciliation platform: SmartStream Technologies

David Penney, SmartStream Technologies

This category—new for 2010—reflects the ongoing challenges of operational risk mitigation and the need to increase operational efficiencies for buy-side firms, especially those active in the over-the-counter (OTC) markets. Reconciliation capabilities available from a single, centralized platform have proven to be of particular interest to financial firms, and that’s a key factor in SmartStream Technologies winning the category for 2010. The firm’s TLM Reconciliations-Premium product supports every stage of the reconciliation lifecycle using Java workflow technology; cash, securities, net asset value (NAV), internal transactions and OTC derivatives are all supported by the platform. SmartStream has also recently launched a module in the system to support reconciliation of exchange-traded derivatives in response to new regulatory requirements targeting derivatives trading.

Attracting 17 major buy- and sell-side clients since its launch less than a year ago, TLM Reconciliations-Premium should not be confused with SmartStream’s TLM Reconciliations. The new system represents a redesigned, “generic” platform featuring out-of-the-box functionality to enable faster implementations. These features are particularly valuable as investment managers must achieve back-office efficiencies and reduce operational risk at a faster rate.

SmartStream has made TLM Reconciliations-Premium even more compelling by offering three delivery methods: as a business process outsourcing (BPO) system via a partnership with TCS, through software-as-a-service (SaaS), and as an on-site installation. All methods provide the same level of reconciliation functionality, according to SmartStream, meaning that firms of all sizes can realize the benefits of implementing the system. Providing a robust reconciliation platform with such a flexible total cost of ownership will go a long way toward more efficient settlements and lower risk. —SE

SmartStream continues to be the leading reconciliation tool, which provides the broadest coverage and integrated workflow, and has continued to develop new functionality for more complex requirements.

“I’m delighted that Buy-Side Technology has awarded SmartStream the best reconciliations platform award for our market-leading TLM Reconciliations–Premium solution. The fact this award now exists highlights the extent to which the spotlight has fallen on the post-trade space and the pressures firms are under. Recognizing those pressures—regulation, cost, efficiency and total cost of ownership—we created an entirely new product to deliver a single transaction-processing platform across multiple instrument types. Celent recognized this new TLM solution as the most ‘functionally rich’ product on the market through its support of the full reconciliation lifecycle for cash, securities, net-asset value (NAV), inter-system transactions, and over-the-counter (OTC) and exchange-traded derivatives. I must recognize our development teams in Bristol, Vienna and Mumbai who have worked tirelessly over the last year. Without their dedication and diligence this solution would never made it to market, and certainly not in today’s award-winning form.” —David Penney, executive vice president, strategy and product management, SmartStream Technologies

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