SmartStream offers a variety of hosting options suitable for small businesses through to large corporations. TLM OnDemand deploys SmartStream’s market-leading reconciliations processing solution as a hosted service, while TLM SmartRecs OnDemand offers another, simpler alternative. A third option, a full BPO service delivered by SmartStream’s Centre of Excellence, enables financial institutions to outsource all their reconciliations processing activities.
SmartStream is at the forefront of innovation in reconciliation software solutions. The company’s TLM Reconciliations Premium solution is a highly sophisticated reconciliations processing platform, used by many of the world’s largest and most complex financial institutions. SmartStream recognises that there are a growing number of organisations that wish to leverage the platform’s capabilities but without the need to invest in on-site technology.
To this end, SmartStream has created TLM OnDemand, which makes SmartStream’s industry-leading, automated reconciliations processing technology available as a flexible and cost-effective managed service. Smaller firms that once would have found the cost of improving back-office operations prohibitive can now benefit from more efficient post-trade operations, as well as lowered overheads.
TLM SmartRecs OnDemand
Using spreadsheets to process reconciliations is inefficient and prone to error. Manual processing is, nevertheless, still a fact of life for many financial services firms, especially smaller corporations. In response, SmartStream has developed its TLM SmartRecs OnDemand solution. Offered in the cloud, TLM SmartRecs OnDemand provides a straightforward and cost-effective answer for companies looking to remove manual intervention from reconciliations processing but without the need for complex and expensive on-site technology.
TLM SmartRecs OnDemand features a simple, highly intuitive, wizard-based user interface, as well as drag and drop capabilities. Its simplicity and ease of use make it an ideal solution for business users, enabling them to manage all aspects of reconciliations processing without the need to rely on overstretched IT departments.
Built on new technology, TLM SmartRecs OnDemand is both easy to use and fast. Using governance and controls it supports data in any format, matching and reconciling information within minutes. It identifies breaks rapidly, as well as allowing users to test and modify match results. Configurations can be reused to save time and reconciliations built from scratch, too. Importantly, it enables reporting to be carried out and is fully auditable. TLM SmartRecs OnDemand is used for both regulated and non-regulated reconciliations.
The Centre of Excellence
Recent years have seen a significant growth in the volume of reconciliations financial institutions perform. Regulatory initiatives in particular are driving firms carry to out ever greater numbers of reconciliations, while authorities are also putting pressure on financial institutions to speed up the on-boarding of new reconciliations and prevent the occurrence of backlogs.
In answer to these industry challenges, SmartStream has set up a Centre of Excellence for reconciliations processing. Staffed by skilled personnel, the Centre provides rapid, cost-effective and highly efficient reconciliations processing. The Centre of Excellence provides two services, a Central On-Boarding Utility – developed to allow faster reconciliations on-boarding – and a Managed Service Utility, which combines access to SmartStream’s reconciliations processing technology – on a utility basis – with a fully outsourced reconciliations handling service.