Datamonitor, the IT analysts, have published a report that describes SmartStream as market leader in Enterprise Reconciliations and Exceptions Management.
The report – “Enterprise reconciliation – a ‘sexy’ business'” – says SmartStream is ahead of the competition in terms of customer numbers and has more than double the license revenues of its closest competitor.
The Datamonitor study claims that “Reconciliation is fast becoming a ‘Sexy’ business, as the market is starting to recognise the substantial cost savings, efficiency gains and management of operational risk that can be achieved across multiple lines of business by embracing the automation of business processes.
“Because SmartStream is able to deliver enterprise-wide reconciliation and exceptions management solutions that monitor the lifecycle of STP, they now offer Banks a sexy, enterprise wide value proposition,” says Tony Hart, a Datamonitor Senior Analyst.
Martin Brown, CEO SmartStream, claims that the Datamonitor assessment recognizes the value of managing the complete transaction lifecycle and providing banks with a real-time processing capability. “We’re also delighted that they have recognized SmartStream’s leadership position, both in terms of the breadth of our solutions and our market presence,” he says. “In the Enterprise Reconciliations market our competition are trying to catch-up. Few vendors are able to supply highly scalable applications that perform generic reconciliation, complex data transformation while providing unlimited matching and automated exception management capabilities, with built in workflow – they just don’t have either the software architecture or the solution building credentials of SmartStream.”
The Datamonitor study positions the Enterprise Reconciliations market as one STP segment that they expect to experience significant growth. As financial institutions look to gain greater visibility and increase their control over operational risk they will look to match all elements of transaction lifecycle events with underlying reconciliation systems, says the report, but it warns that banks must take steps to review the underlying workflow and business processes.
“SmartStream differentiates itself in both – The Apps and the Gaps.” says Brown. “The functionality and scalability we deliver in our Reconciliations and Investigations applications is second to none and our unique ability to – Manage the Gaps – delivering integrated workflow to automate complex system and human actions provides the necessary management of operational risk.”
Tony Hart concludes that “Datamonitor believes that SmartStream is the leader in providing true real-time enterprise-wide reconciliation and exception management solutions to the top-tier market, and is currently the only vendor in this space that has the proven ability to deliver the benefits an enterprise wide implementation promises.”