SmartStream Technologies, Inc. the transaction management STP solutions provider, today announced a global agreement with Omgeo, which will increase Straight Through Processing (STP) and reduce settlement cycles for custodians and investment managers. Through this agreement Smartstream Technologies and Omgeo will implement an interface to SmartStream Technologies’ NT-based reconciliations software for mid-tier investment managers.
Omgeo TradeHub is the communications link and ‘mailbox’ service that provides settlement notification and reconciliation information between multiple investment managers and/or multiple custodians. SmartStream Technologies’ product will compare the reconciliation messages with local data from the investment manager’s accounting system and provide comparison and exception reports, thus providing a one-stop reconciliation service for mid-tier investment managers.
Recognising that investment managers require a system for reconciliation and follow-up, SmartStream Technologies has defined and built a solution which offers an easy to install transaction management solution. Designed to be scalable and flexible, the SmartStream Technologies solution adapts to meet the needs of investment managers – growing as their business expands. As a result, securities messages, such as statements of holdings, can be reconciled weekly or even daily, instead of monthly or quarterly. Firms can retain tight control on the securities positions held by custodians even when volumes are increasing.
Lee Cutrone, Managing Director of Industry Relations, Omgeo, commented on the agreement: ‘We are excited to work with SmartStream Technologies as it has a longstanding reputation as a top global reconciliation provider to the financial industry. By adding SmartStream Technologies to the Omgeo STP Partners ProgramSM, Omgeo is even better positioned to offer streamlined STP solutions to our member investment managers and participating trading parties.’
‘As an essential part of this key STP initiative, SmartStream Technologies is proud to receive this selection by Omgeo as its unique worldwide cash and securities reconciliations solution partner. We look forward to working closely together to dramatically streamline the investment manager’s back office, reduce costs, increase management information and facilitate T+1,’ says Luis F. Longhi, Managing Director, SmartStream Technologies, Inc. ‘No where else will an investment manager find such a turnkey reconciliation application package.’