SmartStream, the financial Transaction Lifecycle Management specialist, today announced that Financial-i, a UK-based magazine focusing on strategy and technology in financial services, has selected SmartStream as the winner of two of their prestigious awards.
An independent panel of industry analysts from Aite, Celent and TowerGroup, as well as financial services specialists, named SmartStream as the ‘Leader in Innovation for Corporate Actions’ processing and awarded the TLM Trade Process Management implementation at Colonial First State as the ‘Best Implementation Project’.
The Best Implementation Project award was given in recognition of the successful implementation of SmartStream’s TLM Trade Process Management solution at Colonial First State (CFS), part of the Commonwealth Bank of Australia group. With TLM Trade Process Management in place, CFS now has a single processing platform that delivers a volume insensitive and instrument agnostic post trade environment. The new system supports the processing of trades across all asset classes, in all markets and in all currencies.
John Paull, Head of Investment Operations at CFS, commented: “I’m delighted that such an important project, which marking a major transformation for CFS’ business, has been recognised for its innovation and results. Re-engineering a set of disparate processes onto a single, cross-asset platform, TLM Trade Process Management, was a significant undertaking for the firm but one that has yielded impressive results. We now have a standardised approach to the management of trade processing, which has lowered IT risk by reducing the number of systems, addressing several outstanding compliance issues and increasing security. Operational and on-going business costs have also reduced, while revenues have increased through the reduction of human error costs.”
In winning the Corporate Actions award, SmartStream was judged to have continued to extend the capabilities within TLM and to have driven automation through proactive monitoring and predictive technology, as well as through the recently launched Event Management On Demand service.
Alan Jones, Senior Product Manager at SmartStream, commented: “I’m delighted that TLM Corporate Actions has won the Financial-i innovation award, reflecting the ongoing work by the team behind the solution to lower processing costs and reduce risk inherent in the corporate actions process. We are extremely proud of the full end-to-end processing capabilities of TLM Corporate Actions but remain mindful that certain clients have very specific automation requirements. One way to deliver those precise elements is through service-based offerings, which is why we recently launched our SaaS Event Management solution. It offers proven capabilities for displaying all critical dates and any actions required to manage that event on behalf of client, but through a flexible delivery method that is attractive to small and mid-tier firms due to its lower total cost of ownership.”