SmartStream, the financial Transaction Lifecycle Management specialist, today announced that it has won the Asian Banker Technology Implementation award for Best Trading System Middle Office project.
The award was given in recognition of the successful implementation of SmartStream’s TLM Trade Process Management solution at Colonial First State (CFS), part of the Commonwealth Bank of Australia group. CFS is a leading investment manager with more than AU$180 (£113) billion in assets under management.
At a time when risk is firmly in the spotlight, the implementation of TLM Trade Process Management has provided CFS with enhanced visibility into daily positions across the whole business. It has replaced a number of disparate systems, requiring manual intervention at various stages of the trade lifecycle that could no longer support the businesses growth.
With TLM Trade Process Management in place, CFS has a single processing platform that delivers a volume insensitive and instrument agnostic post trade environment. The new system supports the processing of trades across all asset classes, in all markets and all currencies. As a result, failed trades can be spotted earlier in their lifecycle, investigated and repaired more efficiently, reducing the potential of CFS incurring financial penalties.
Due to the scalable and flexible nature of TLM Trade Process Management, the solution supports further business growth through reduced time to market and improved client services capabilities. It will also enable CFS to develop new revenue streams such as boutique partnerships and increasing transaction volume without impacting system performance.
John Paull, Head of Investment Operations at CFS, commented: “I’m delighted that such an important project has been recognised by The Asian Banker awards panel for its success. It marked a major transformation for CFS and how we managed our trades across the enterprise; re-engineering all of our previously disparate transactions and instruments into a single, cross-asset platform that offered standardised management of trade processing.
The TLM Trade Process Management platform has lowered IT risk by reducing the number of systems, addressing several outstanding compliance issues and increasing security. The consolidation of systems and process has also reduced operational and on-going business costs, while revenues have increased through the reduction of human error costs. Throughout the project SmartStream used its experience of previous trade process automation projects to advise on industry best practices and implement that within the new platform.”
Philippe Chambadal, CEO at SmartStream, added: “Winning this award means a great deal to SmartStream as it was voted for by a panel of experts who looked at the merits of a number of IT implementations across the Asia Pacific region. The award is not only a reflection of the quality of our TLM Trade Process Management solution but, equally importantly, the quality of the SmartStream team that has worked with CFS to deliver it. The award is a testament to how closely the team worked with CFS to ensure the final solution met CFS’s needs and provided significant benefits to their business.”
The Asian Banker IT Implementation Awards Programme is in its fifth year and is one of the region’s most prestigious awards programmes, recognising IT implementation projects across 13 categories. This year, more than 50 financial institutions across 15 countries in the Asia Pacific region were evaluated. Data was collated, normalised and presented by a team of researchers to an international panel of judges, each of whom gave insights into the different aspects of IT Implementations as part of the evaluation process.
"With the improvement of accuracy of unit pricing and the efficiency of trades placed in the market, CFS' solution with SmartStream has helped improved the bank's brand and increase the revenues for the bank," added Christian Kapfer, Head of Asian Banker Research. "The solution provides the management with new standardised business processes for trade processing. This resulted in the ability to view daily positions across the whole business and supports the processing of trades across all asset classes, in all markets and currencies.”
A case study for the TLM Trade Process Management project at Colonial First State can be downloaded here