SmartStream, the financial Transaction Lifecycle Management specialist, announced today that TLM Reconciliations-Premium has been named “Best Reconciliation Platform/Service” and “Best Overall Buy-Side Product” for 2011 by Waters and Buy-Side Technology.

The annual awards honour the achievements of firms that service asset and hedge fund managers and are selected from a shortlist assembled and judged by a panel consisting of top editors, consultants and analysts. The “Best Reconciliation Platform/Service” category, introduced in 2010, was awarded to SmartStream for the second year in a row, partly in recognition of the success of TLM Reconciliations-Premium, and its significant client gains globally.

The judging panel also recognised TLM Reconciliations-Premium's ability to process a wide variety of instruments as well as the product’s continued and substantial evolution of its functionality, such as the new Exchange Traded Derivatives (ETD) processing capabilities. It is for these reasons as well as TLM Reconciliations-Premium’s industry leading transaction processing capabilities and its ongoing success at buy-side firms that the panel also awarded the solution the “Best Overall Buy-Side Product”, the magazine’s highest honour.

Victor Anderson, Editor of Waters, commented: “We introduced the Best Reconciliations Platform category two years ago as transaction automation and post-trade processing in the buy-side was being pushed up the agenda. Our panel have voted for SmartStream as the best Platform both years, recognising TLM Reconciliations-Premium’s continued success at buy-side firms. The Best Overall Product award reflects SmartStream’s continued ability to automate transaction processing across multiple instrument types and support the drive for greater middle and back office efficiency.”

David Penney, EVP Strategy and Product Management, SmartStream, said: “I’m delighted that Buy-Side Technology has awarded SmartStream 'Best Reconciliations Platform' for our TLM Reconciliations-Premium solution for the second year in a row. The fact this award exists highlights the extent to which the spotlight has fallen on the post-trade space and the pressures firms are under. Recognising those pressures, including regulation, cost, back office efficiency and total cost ownership, we developed an entirely new product to deliver a single transaction-processing platform across multiple instrument types. The success to date of TLM Reconciliations-Premium across buy-side firms is testament to its ability to efficiently process high transaction volumes at some of the industry’s most demanding firms. Its flexibility has also been a contributing factor to its success, as it was designed with multiple delivery options, enabling firms to access the solution in the manner that best suited their particular organisation.”

Philippe Chambadal, CEO of SmartStream, added: “The award for ‘Best Overall Buy-Side Product’ reflects the significant and ongoing investment that SmartStream has made in the solution to ensure it continues to evolve and meet the transaction processing requirements of buy-side firms globally. Today TLM Reconciliations-Premium is being used by buy-side firms as an on premise solution, through a BPO service and through the SaaS delivery model.”