SmartStream Technologies, the financial Transaction Lifecycle Management specialist, today announced that Intelligent Managed Services (IMS) has selected TLM Reconciliations to manage transactions within its new hosted bank infrastructure solution.

IMS offers a range of hosted retail banking solutions that are ideal for both new entrants to financial services or existing firms. Originally run as Ivobank, the firm’s underlying banking platform was FSA regulated and successfully operated in a number of European markets. It is from this proven platform that IMS can offer either a complete hosted banking solution or a single processing element, such as internet banking, that ensures a faster time to market for these new services. IMS can also offer current accounts, instant access savings, cash ISA’s, term deposits, unsecured lending and child trust funds through its unique end-to-end solution.

TLM Reconciliations will be used to manage transaction processing throughout the IMS service. The SmartStream solution was selected by IMS due to its ability to deliver high automated match rates across a range of reconciliation types, as well as the flexibility and scalability to manage higher volumes in line with client growth projections.

Alex Daly, Managing Director at IMS, commented: “Our approach is to provide a unique portfolio of Software as a Service (SaaS) banking solutions that significantly reduce our clients’ time to market, capital costs and internal resource. We know from experience that efficient reconciliation processes would be critical to delivering an effective and truly client-centric operation. TLM delivers a robust design and provides us with exactly what we needed today, with the peace of mind to know our operations can scale in line with our clients ambitions.”

Richard Cummings, Executive Vice President at SmartStream Technologies, added: “I’m delighted IMS has selected SmartStream to create a reconciliations platform using TLM Reconciliations. Choosing the market-leading reconciliations software means IMS can deliver both the capacity and flexibility to meet their clients predicted volume growth and evolving business processing requirements.”