At the end of what has been an active summer for SmartStream, the US Securities and Exchange Commission (SEC) awarded a contract to SmartStream for use of its TLM Reconciliations Premium and TLM SmartRecs products. The primary US regulator anticipates using the solutions as part of its compliance inspections and examinations to reconcile financial institutions’ data against their custodian account records.

In other news, four of the world’s top 10 banks have chosen to abandon the competition and use TLM Reconciliations Premium as their enterprise-wide reconciliations engine. These, as well as many other firms, are already using SmartStream for their reconciliations processes however, with the enhanced functionality of TLM Reconciliations Premium and the speed that users can on-board new reconciliations with TLM SmartRecs, organisations now realise the inherent business value and benefits of replacing multiple solutions with a single, strategic enterprise platform.

Furthermore, three global banks have engaged with SmartStream to implement TLM Cash & Liquidity Management. With Basel III and other regulations coming into play, intraday liquidity risk management is rising to the top of many banks’ agendas and there has been a surge in the level of interest shown in the solution. Darryl Twiggs, EVP Product Management, comments: “Banks are realising that their legacy systems are not geared towards providing real-time or intraday liquidity information. Financial institutions need to act now to find a way to aggregate data across the organisation and gain a holistic view of their positions, liquidity and exposure or face the risks associated with not being able to report on an intraday basis and falling foul of the regulators. TLM Cash & Liquidity Management offers firms a single view of their positions across all currencies and accounts in real-time, whilst monitoring and reporting on an intraday basis as per Basel III requirements. I am confident that these three banks are going to be joined by others in the very near future”.

Additionally, a major European institution has signed a seven-year contract extension for TLM Transaction Fees Invoice Management (TLM TFIM) including expansion to include its fast-growing futures and securities brokerage subsidiary. TLM TFIM is a unique solution which provides financial market participants with: the ability to manage the matching of transactions and associated exchange, clearing and custody fees; reconcile against invoices payable; or produce invoices receivable. Peter Morris, EVP Global Head of Utilities and Managed Service, notes: “With regulatory and customer demands increasing, it is clear that institutional brokers need to adopt processes and technology which will help improve the accuracy of fee billing and minimise fee leakage. Traditionally, this process has been managed manually but the huge volume of transactions leads to significant errors and late provision of invoices. Automation not only ensures efficient cash flow management, it enhances communication and reporting, helping to strengthen client relationships and improve transparency to the regulators. This contract extension demonstrates the value that SmartStream is bringing to its clients and is evidence of the trust our customers have in us to continue delivering innovative solutions in all areas of their operations”.

Philippe Chambadal, Chief Executive Officer, states: “One of SmartStream’s strengths has always been its ability to work as a trusted advisor to its clients, providing solutions which meet their specific needs, however, this year we have taken that to a whole new level. What I find exciting is that our customer base for all other TLM solutions is growing equally as fast and that organisations are truly buying into our vision of managed services. SmartStream is no longer seen as simply a provider of back-office software, but as an integral part of a financial institution’s operations. By listening to our clients and offering them a plan [be that a three, five or seven-year plan], we are enabling organisations to retool their existing middle- and back-office infrastructure into future-proof, cost-effective utilities. Ultimately this means that they are able to improve operational efficiency, support new regulatory requirements and enhance customer service”.