SmartStream reports TLM Reconciliations contract
26 July 2007 | 1554 views | 0
Source: SmartStream Technologies
SmartStream Technologies, the Transaction Lifecycle Management specialist, today announced that one of the world's largest banks has gone live with TLM Reconciliations for automating various positional reconciliations across business critical functions including Cash, Equity, Fixed Income, FX/MM and Derivatives.
SmartStream's client, a leader in wholesale financial services serving one of the largest client franchises in the world, is deploying TLM Reconciliations to provide an enterprise-wide, reconciliations utility for prime brokerage, global cash reconciliation management and global securities services.
Implementing TLM Reconciliations is enabling the bank to consolidate a number of systems reducing the need to support multiple legacy systems, proprietary standards and middleware platforms. By automating and standardising various control processes, the firm will be able to handle significant increases in transaction volumes and improve the services it offers to clients.
TLM's management controls are providing a transaction audit trail that will help the bank to meet its regulatory compliance and risk control challenges. The solution's control framework provides pre-emptive exception management across all asset classes.
Richard Cummings, UK Regional Director, SmartStream, commented: "Due to increasing regulation and compliance requirements, it is important that banks have a real-time, concise, accurate view of their positions. SmartStream's ability to offer both transactional and position reconciliations provides clients with seamless control at both summary and detail levels. This implementation is further evidence that TLM has the functional capability required for organisations to access this information across all asset classes and the scalability to cope with increasing transaction volumes."