SmartStream launched its TLM Transaction Fees Invoice Management, a product that removes complexity through an automated software that manages all aspects of transaction fees from exchange to brokerage fees.
Transaction fees and related invoice reconciliation are a highly fragmented and manual process, creating significant control and processing inefficiencies and introducing additional risk and cost to all participants. SmartStream has developed TLM Transaction Fees Invoice Management to provide an independent, automated software for banks, brokers and Inter Dealer Brokers to manage their brokerage fees and invoicing. For the first time the invoices for all transaction types, whether exchange executed or OTC, can be managed through one software delivered either on premise or as a service.
In my experience firms globally struggle with highly manual and fragmented invoice management processes that, in the current market conditions create unnecessary risk and cost, Robert Drew, a derivatives infrastructure specialist, says. Solutions such as SmartStreams TLM Transaction Fees Invoice Management should enable industry participants to both accelerate and enhance the entire invoicing, payables and receivable process through a best practices approach.
As a result of its automated approach, TLM Transaction Fees Invoice Management improves efficiency by enabling a more flexible and integrated fees management capability, integrated in with industry initiatives such as eGains, GPS and eGus. Disputed transactions can also be managed and resolved through an online collaborative tool.
Market fragmentation along with disparate operational approaches within financial institutions created huge inefficiencies, Anne Pounds, product manager at SmartStream, says. In discussing derivatives processing issues with clients and prospects, many acknowledged that their existing approaches for dealing with invoices were inefficient and lacked an effective methodology. It was also apparent that any form of streamlined dispute resolution processes would benefit their organization.
(CM)