Fees and invoices emanating from Brokerage, Clearing and Exchanges are one of the more complex aspects of the matching and reconciliation process. Traditionally they are managed using manually intensive and paper-based processes that create significant inefficiencies and increasing operational cost.
As the market-leading reconciliations solutions provider, SmartStream has responded to client demands and now offers an integrated solution for transaction fees invoice management. This solution provides financial market participants with the ability to manage the matching of transactions and associated fees, reconcile against invoices payable or produce invoice receivable.
As a result of this independent approach to processing fees and invoices the solution delivers:
- Coherent processes across all traded asset classes, both on Exchange and Over-the-Counter, regardless of execution venue, or method of settlement (cleared or bilaterally settled).
- Greater visibility to outstanding payables and receivables.
- Exception based management of discrepancies.
- Enhanced control and accuracy in ascertaining transaction and processing costs.
- More timely adjustments/verification of accruals.
- More transparent and efficient collaborative internal dispute resolution that lowers costs and risk.
- The ability for fees to be checked immediately after trade is booked and up to 30 days before the invoice is produced instead of after the invoice is issued.
- Automatic identification of transactions that have an associated fee schedule, and verification against the fees calculated based on the fee schedule.
- The ability to ascertain and allocate costs associated with errors, performance analysis, SLAs and costs.