AMP selects SmartStream's TLM Reconciliations to enhance customer service and create a cost efficient, scalable operation
September 06, 2005
SmartStream Technologies, the market leading provider of Transaction Lifecycle Management solutions, today announced AMP has purchased TLM Reconciliations.
AMP, one of the world's leading financial services providers with 3.5 million customers worldwide, selected SmartStream’s solution as part of a strategic Finance initiative. TLM Reconciliations will enhance reconciliation processes and improve exception management within the company’s finance operations.
The decision to purchase TLM Reconciliations was taken following a Proof Of Concept that reviewed process change, data management and ultimately sought to identify an application that would support the desired future state model.
Using TLM Reconciliations AMP will manage the inter-systems reconciliations between their General Ledger and Product Ledgers with estimated transaction levels of 250,000 per day.
John Hardman, Finance Change Process Executive at AMP, explained, “Using TLM Reconciliations to fully automate our reconciliations process we are not only driving cost out of our business, but we will be significantly reducing operational risk. With improved match rates and instant visibility of real exceptions the finance team will have the knowledge and tools required to investigate irregularities promptly. Essentially this project is helping the finance team become a proactive business partner to both our internal and external clients.”
By automating their reconciliations process AMP are creating a volume insensitive business – capable of scaling to support the company’s continued growth. Future stages of the project include rolling TLM Reconciliations out to support other reconciliation functions.
Stefan Wawrzyniak, SmartStream’s Regional Director, Asia concluded, “We’re delighted that AMP selected TLM Reconciliations – it demonstrates the momentum SmartStream’s built in the market place and the way in which TLM has rapidly become the no risk, default Reconciliations solution for leading financial institutions.”