A reconciliation utility offers the opportunity to significantly reduce back and middle office costs. SmartStream has leveraged its knowledge and expertise as the leading reconciliations solution provider to develop a reconciliations utility model.
SmartStream's utility solution is designed to provide an innovative way to help institutions more efficiently manage the reconciliations process and reduce operational risk. By delivering a centralised reconciliations service, traditional silos and point solutions can be replaced by a single enterprise reconciliation hub for all asset classes.
A utility-based approach can offer a high quality, time-efficient solution to meet reconciliation needs, helping to deliver greater transaction visibility and control. With pre-configured elements, the design and configuration times can be reduced and as new instruments are traded, they can be efficiently added to the reconciliations hub.
Skills can be centralised, reducing the amount of user training needed to perform reconciliation and exceptions. Business processes can be transformed to benefit from economies of scale, helping to further reduce operational costs.