RBC Global Services selects SmartStream's TLM Reconciliations for global deployment
June 23, 2005
SmartStream Technologies, the market leading provider of Transaction Lifecycle Management solutions, today announced that RBC Global Services will be implementing TLM Reconciliations globally.
RBC Global Services is Canada’s largest custodian and a leading provider of custody, safekeeping and settlement services worldwide with US$1.3 trillion assets under administration. They are also Canada’s largest provider of Canadian dollar clearing services to global financial institutions.
By selecting TLM Reconciliations, RBC Global Services has chosen to implement a single reconciliations and exceptions management system that will automate and control all cash and securities reconciliations globally. TLM, with its flexible data model, powerful match rules and enterprise design, will provide RBC Global Services with a user-friendly application that will easily roll out across the organization. A centralized server, based in Toronto, will service three reconciliation centres in Canada, Australia and the U.K.
“We will eliminate fragmentation and move to a fully transactional model for the reconciliation of assets. We intend to transition from Positional to Transactional Asset Reconciliations and with TLM’s powerful and flexible rules, will have higher match rates, resulting in increased efficiencies” said Mark Housden, Senior Manager, Operation Support, RBC Global Services.
Housden continued: “RBC Global Services decided to upgrade to TLM Reconciliations to expand control over our transactions, by allowing the development of more complex reconciliations internally and externally. The integration of SmartStream’s TLM into our execution, clearing, custody and settlement solution will help our clients resolve exceptions more cost-effectively and minimize operational risk. At the same time, we will streamline the workflow process to provide greater synergy within our operations globally”
Commenting on the purchase, Lou Longhi, Managing Director, Americas Region, SmartStream Technologies, stated, “At SmartStream we take an enterprise-wide approach to transaction processing, creating an STP Control Architecture that enables our clients to minimize risk while maximizing efficiency. We are proud of our long-standing relationship with RBC and of their vote of confidence in our vision and long term strategy.”