SmartStream has launched a new cash and liquidity management solution which will give banks a real-time view of all their money movements.
The TLM Cash and Liquidity Management 2.5 solution is aimed at helping banks forecast and reconcile cash and provide a consolidated view across all currencies and accounts in real-time, whilst tracking, monitoring and reporting on an intraday basis.
The company believes that by managing positions in real-time rather than relying on manual forecasts from multiple systems reconciled at the end-of-day, credit and operational risk can be reduced.
The tool will also enable banks to comply with Basel’s Monitoring Tools for Intraday Liquidity Management legislation, with the first reporting deadline coming in January 2015.
Nick Noble, SmartStream product manager, cash management, says: “Correspondent banks are often not able to provide full coverage of movements across financial institutions’ Nostro accounts. This lack of coverage cloud visibility causes forecasting errors, which can lead to huge amounts of money being lost due to incorrect funding decisions, and also makes monitoring the Basel intraday reporting metrics in real-time almost impossible. At SmartStream we believe there should be a duty of care for managing intraday liquidity, this is not just a tick-box item, this is going to be a key requirement for 2015.”
SmartStream launched its TLM Reconciliations Premium version 2.4 solution in February last year.