SmartStream Technologies’ Transaction Lifecycle Management (TLM) solution has been selected as Travelex’s strategic reconciliation and exception management solution. The selection follows Travelex’s acquisition of My Travel’s Foreign Exchange bureaus.
The first phase of the installation, which is now complete, implemented TLM Reconciliation & Investigations for My Travel. The second phase involves extending the implementation to manage all cash reconciliation performed by Travelex.
TLM will also be deployed to automate Travelex’s currently manual exception management processes to improve risk management and control. Specifically, Travelex was impressed with TLM’s integrated Dashboard, which delivers real time, enterprise wide MIS and provides a full audit trail of all transactions from a single screen.
“One of the biggest benefits we recognized in TLM was its scalability and ease of use. Initially our focus is cash reconciliations and investigations, but the uniquely generic nature of the product is already allowing us to explore extending TLM to cover confirmation matching and cash management. Volume insensitivity was a crucial aspect in our purchase decision as SmartStream’s TLM solutions will be deployed to manage all of Travelex’s reconciliation requirements globally,” commented Gareth Richards, Director of IT Development for Travelex.