Overcoming the complexities of reconciliations processing with a Central On-Boarding Utility and a Managed Service Utility.
In today’s markets, financial institutions are obligated to perform growing volumes of reconciliations. These are becoming increasingly complex in nature, making processing more time-consuming and costly. Firms must meet this challenge if they are to avoid backlogs arising but they need to do so without a significant rise in headcount or increased costs. One route financial institutions are exploring is the use of a managed service. This entails working in partnership with a vendor to whom all or part of the reconciliations handling process is outsourced. In response to clients’ needs, SmartStream has set up a Centre of Excellence (CoE), which offers two distinct services, a Central On-Boarding Utility and a Managed Service Utility.