SmartStream Technologies has launched a reconciliations solution to help cut clients operational costs and duplication of feeds with the long-term view of having a single platform for back office operations.
The single platform will delegate the management of the entire back office function thereby avoiding the need for multiple systems, multiple licences and the training of employees on different systems.
TLM Reconciliations Premium version 2.4 has been benchmarked with two tier-one investment banks, who were able to carry out over half a billion auto matches in one hour.
Darryl Twiggs, head of Product Management, SmartStream Technologies, said: Clients are looking to take advantage of economies of scale, cost reductions and overall control of theback office by bringing it closer together, with one team managing the entire process. We are the only vendor to provide a single reconciliations product for all instruments in the market and are pleased to see the interest from several major banks globally.
He continued: Reconciliations is 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 latest version includes a standard reconciliations package for OTC Derivatives.
(JDC)