Internal shared service utilities

An internal shared service enables clients to remove siloed operations that result in the replication of back-office functions across multiple lines of business. SmartStream, operating as a third party, delivers a centralised repository of standardised data to a client for reconciliation, reference data, corporate actions and cash management. Key benefits are:

  • The cost of transaction processing is greatly reduced, while operational effectiveness and efficiency significantly increase.
  • Duplication of basic operations across various teams is consolidated into one integrated function.
  • Different areas of the organisation can view the same data when it moves from a siloed operation to a utility approach.

External shared service utilities

SmartStream's shared service to internal teams is enhanced by additional external centralised services which enables a bank's securities reference data to be cleansed, validated and fed into its security master. This:

  • Removes the need for internal bank teams to check data.
  • Results in higher quality of data – guaranteed 97% accuracy.
  • When market participants use the same reference data and reconciliation and exception management processes through SmartStream’s external, standardised service, both risk and cost are significantly reduced.