SmartStream and SEI Partner for Reconciliations Utility

SmartStream Technologies and asset manager SEI have agreed to build and deploy a reconciliations utility that enables SEI to serve its wealth management clients with cash, transactions and securities positions from a single reconciliation platform.

This utility will be based on the latest version of SmartStream’s TLM Reconciliations Premium service.

Further benefits include the adoption of the exception management layer that provides for the automation of exception handling. This will result in improved client service, visibility of risk and operational savings, says SmartStream. In addition to the TLM Reconciliations Premium solution, SEI will also deploy the new SmartStream TLM SmartRecs service that will operate seamlessly with TLM Reconciliations Premium, providing record setting on boarding of new reconciliations data, supporting the utility model. TLM SmartRecs enables business users to map and construct the reconciliations directly in line with their clients’ requirements.

“SEI is looking forward to achieving significant quality and efficiency gains through the deployment of TLM Reconciliations Premium,” says Ria Walsh, executive vice president, SEI Private Trust Company. “Additionally, we look forward to leveraging the TLM SmartRecs solution with a goal of broadening our current use of the solution for financial reconciliation, and using it in innovative ways to positively impact our business.”

“We value our longstanding partnership with SEI and are very happy to have played a role in their continued growth,” says Philippe Chambadal, CEO, SmartStream. “This relationship typifies the type of synergistic relationship we strive for in every long-term deployment; working together to develop the exact solution our customers need.”