SmartStream Technologies, the financial Transaction Lifecycle Management specialist, and ByAllAccounts, the investment manager’s choice for account aggregation, today announced a partnership that will deliver aggregated, reconciliation-ready data within the TLM Reconciliations and TLM OnDemand solutions.

ByAllAccounts is a recognised leader in account aggregation to buy-side firms, with more than $170 billion in assets flowing through its aggregation engine daily. Traditional solutions for aggregating data for reconciliation are time consuming and costly, requiring significant and ongoing investment in people and infrastructure. ByAllAccounts’ patented technology delivers standardised data from thousands of sources and bridges the gap between the online account information available to investment managers and the accurate, consolidated, reconciliation-ready data they need.

Dayle Scher, Research Director, Securities & Investments at TowerGroup, commented: “Mid tier and smaller buy-side firms struggle with improving efficiency in reconciliation operations due to the number of external sources housing portfolio and account data. Improvements in data aggregation can drive down costs as well as support operational controls provided by reconciliation applications.”

The partnership will deliver a turnkey data and reconciliation solution to help buy-side firms, custodians, wealth managers and private banks build stronger operational controls in a more cost effective manner. The combined, ready-to-use solution will be available through TLM OnDemand, SmartStream’s Software as a Service (SaaS) delivery model, providing a lower Total Cost of Ownership and rapid deployment to buy-side firms. For those firms with on premise reconciliations, ByAllAccounts will also be available as an integrated service within SmartStream’s TLM Reconciliations solution.

Philippe Chambadal, CEO, SmartStream Technologies, said: “This is a significant announcement for SmartStream, our clients, and the market in general. The old approach of manual processes and multiple feeds into reconciliation solutions acts as a significant barrier to transaction processing automation, increasing both operational risk and cost. In today’s market and regulatory conditions, asset managers, wealth management firms, private banks and hedge funds are looking for a combined data and reconciliation solution to help them build strong operational controls and do so in a more cost effective manner. That is precisely what the ByAllAccounts and SmartStream partnership provides, combining two leaders in their respective fields to offer a single solution that drives down transaction processing costs and delivers new levels of operational efficiency.”

James Carney, president and CEO of ByAllAccounts, commented: “A recent survey by Thompson Reuters and Lepus Research revealed that 77 percent of participants from buy-side and sell-side firms intend to increase spending on projects that address data quality and consistency issues. Our joint solution gives investment managers a proven way to address those issues today, positioning our offering - and the firms who use it - for immediate success in this market.”