SmartStream, the financial Transaction Lifecycle Management specialist, today announced that its TLM Corporate Actions solution has achieved the 2011 B.I.S.S. industry accreditation.

The benchmark tests organised by B.I.S.S. Research and set by an industry panel, revealed SmartStream’s innovative approach to event processing across the entire corporate actions lifecycle. The associated report, published by B.I.S.S. Research, highlighted the significant and ongoing development of TLM Corporate Actions and the flexible design of its account structures.

Based on an extensive examination of TLM Corporate Actions the report praised the solution for its quality, and noted its modular approach, enabling it to support SaaS-based processing services. The first of these, TLM Corporate Actions Event Management On Demand, was recently launched at the Sibos conference in Toronto.

Gary Wright, CEO, B.I.S.S. Research and creator of the B.I.S.S. Accreditation, said: “We congratulate SmartStream on an exceptional performance in this year’s industry benchmark tests and on receiving the B.I.S.S. Accreditation. TLM Corporate Actions joins a select few corporate action systems that genuinely supports corporate action processing throughout the lifecycle and is capable of being deployed in all market sectors. The SaaS possibilities that this design offers is particularly interesting as so many tier two and three financial services firms are looking to move away from legacy software systems and SmartStream has clearly observed this market opportunity. SmartStream has designed a terrific corporate actions system that has real differential from other systems in the market giving financial services firms’ real choice.”

David Penney, EVP Strategy and Product Management at SmartStream, commented: “The 2011 B.I.S.S. Accreditation is a significant achievement, reflecting the considerable work and creativity from the SmartStream team to continually push the TLM Corporate Actions solution forward to meet evolving client, market and regulatory demands. TLM Corporate Actions is leading the way to address these pressures and is proving to be one of the most functionally rich, easy to use and efficient corporate actions solutions available today. We also see many small to mid-sized firms are wrestling with how to increase their automation of the event management process whilst also reducing their operational costs.

That is why we have announced a SaaS-based version of TLM Corporate Actions that offers the rapid and secure delivery of events against the securities of interest that must be managed on a client’s behalf. It removes the cost and resource implications of managing a solution in house, providing proven automation and event management capabilities. It represents our latest innovation in the corporate actions arena and is an integral part of our approach to helping clients drive down their operational costs without compromising on the quality of the tools used for automating critical back office processes.”