SmartStream has launched an updated reconciliations solution aiming to cut operational costs and duplication of feeds.
TLM Reconciliations Premium version 2.4 presents a single solution for all reconciliations types, contributing to SmartStream’s long-term view of having a single platform for back office operations.
The product has been piloted with two investment banks, which carried out over half a billion auto matches in one hour.
Darryl Twiggs, head of product management at SmartStream, says: “Clients are looking to take advantage of economies of scale, cost reductions and overall control of the back office by bringing it closer together, with one team managing the entire process.
“Reconciliations are just the start, banks are looking at the entire package to manage all back office requirements on one platform. We are continually developing our solutions on a regular basis by understanding our client needs through our user forums where we gather information on specific market needs.”
The new product includes a wide range of reconciliation packages including cash, securities, credits and debits of all types, exchange listed derivatives, OTC derivatives, all contracts, net asset valuation and market valuations, as well as generic intersystem reconciliations.