SmartStream Technologies, the Transaction Lifecycle Management specialist, today announced the launch of an outsourced reconciliations service in conjunction with leading BPO specialist, Tata Consultancy Services (TCS).
The TCS Aspire Service utilises TCS' expertise in delivering proven, cost-effective outsourced solutions with SmartStream's TLM Reconciliations technology to deliver scalable, industry leading processing of core and client-specific transactions. The service is designed to increase STP rates to drive down cost and risk, while removing operational limitations through industry best practice reconciliations and investigations operations.
By standardising reconciliation and exception management processes users can reduce operational risk and gain greater insight that will allow them to reengineer and strengthen their business processes. Additionally, by moving to this new utility structure they are able to convert their fixed costs to variable costs.
The service is launching with Deutsche Bank as its first customer. Martin Slumbers, Head of Investment Banking Operations, Deutsche Bank, explained: "As we develop our Operations Strategy, there are considerable benefits in being able to move our reconciliation requirements across our organisation onto a single enterprise wide solution and benefit from the scale effects that such internal and external utilities will ultimately deliver."