SmartStream Technologies, a provider of Transaction Lifecycle Management solutions, announced today that it has successfully implemented TLM Reconciliations at cominvest Asset Management, a wholly-owned subsidiary of Commerzbank.
Using TLM Reconciliations cominvest is now able to reconcile all transactions and positions from various processing systems with each other. Discrepancies such as price differences are detected early, displayed in detail and highlighted for further clarification.
"Thanks to TLM Reconciliations the daily reconciliation of all transactions for institutional mandates is now automated across the front and back office", said Michael Görg, Program Manager, cominvest, following the introduction of the new solution. "Automating these diverse and often manual tasks has made it possible to process transactions significantly faster and to achieve a sustainable increase in efficiency, as well as to identify discrepancies and differences as early as possible", continued Görg.
"The implementation was carried out on time and on budget, thanks to the great collaboration and experience of the blended TLM Reconciliations team at Commerzbank. Our daily processes run smoothly and we are now armed with better information to tackle discrepancies at the earliest possible stage. The next step planned is to use TLM Reconciliations to automate the reconciliation process for all other mandates", said Görg finally.
"SmartStream and Commerzbank enjoy a long standing relationship; we are delighted to see cominvest, a major German asset manager, also gaining significant operational benefits from their successful implementation of TLM Reconciliations", remarked Christian Schiebl, Regional Director Europe, SmartStream Technologies. "This project has helped strengthen the firm's already robust processes enabling them to be more a proactive service provider."