SmartStream Technologies, the financial Transaction Lifecycle Management specialist, today announced the launch of a new service, TLM OnDemand, delivering transaction processing through the Software as a Service (SaaS) model.
TLM OnDemand delivers the proven capabilities of SmartStream’s TLM Reconciliations solution as a secure, resilient and fully managed service designed for small and medium sized organisations. The service offers transaction based pricing that provides institutions with a variable cost base for their reconciliations operation, better aligning their operational costs with processing requirements. Additionally a rapid on-boarding process ensures clients gain efficiency savings in a matter of weeks.
Philippe Chambadal, CEO of SmartStream, said: “TLM OnDemand is SmartStream’s latest innovation and an integral part of our approach to helping clients’ drive down their transaction costs. With firms demanding greater value from their IT investments TLM OnDemand provides a lower Total Cost of Ownership (TCO) route to accessing our market leading applications. Customers of all sizes, but particularly those in the mid and lower tiers, no longer have to compromise on the tools they use to improve efficiency, lower transaction costs and reduce operational risk. The launch of this innovative service will transform the reconciliations market place, and over time the broader back office function, bringing lower cost automation to new sectors and offering unbeatable value to our existing clients.”
Commenting on the potential of the SaaS approach, Patrik Neutjens, Head of Partner Management, SWIFT, said: “In the current economic environment, the benefits of SaaS in helping to lower the TCO of risk management solutions are clear, and we expect to see demand for SaaS growing significantly. SWIFT will work with SmartStream, an important and long-standing SWIFT Partner, and the rest of our community to identify opportunities to support the take-up of SaaS to deliver cost reductions and improved risk management.”
TLM OnDemand’s approach to managing the reconciliations environment removes the cost and resource implications of managing hardware, infrastructure and upgrades in house. Manual processes and legacy applications are replaced, automated match rates are dramatically increased and reconciler efficiency is improved as the role transforms from a pure matching function to focus on exception management and customer service. As a result, TLM OnDemand enables organisations to lower the Total Cost of Ownership for reconciliations, while at the same time improving risk and cost control.
Commenting on SmartStream’s launch of a transaction-based SaaS service, David Bradshaw, Research Manager, IDC, said: "The financial sector is embracing SaaS as a delivery model to ensure it can deploy software in a more cost-effective and timelier manner. In a recent survey of European companies, we found that 65% of financial sector companies were using SaaS in more than two of their critical business areas, compared to 52% of all companies in the survey. In this challenging economic climate, a cost-effective SaaS deployment option should be welcomed; for many organisations, especially small to mid-sized institutions, they remove the barriers to greater automation."
Darryl Twiggs, Service Manager for TLM OnDemand at SmartStream, commented: “As IDC’s research indicates, the launch of TLM OnDemand comes at a time when many firms are wrestling with how to respond to market volatility, whilst reducing their operational costs. At the same time they are mindful that the decisions they make today shouldn’t limit their growth in the future. TLM OnDemand offers a secure, robust and flexible service, delivering significant processing improvements and substantial lifetime cost savings. With these types of automation projects, time to market is also critical, so TLM OnDemand has a rapid on-boarding process to accelerate the implementation. It brings flexibility of deployment and firms can adjust their usage as business needs change over time.”