SmartStream Technologies, the Transaction Lifecycle Management specialist, today announced that Allianz Global Investors has extended the duration of the TLM Reconciliations contract at its German cominvest subsidiary.
cominvest, formerly part of the Commerzbank group, was sold to Allianz Global Investors in 2008 and manages assets of more than €260 billion on behalf of multinational corporations, pension funds, insurers, foundations, banks and governmental entities. cominvest has successfully used SmartStream's TLM Reconciliations solution to reconcile 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, lowering cominvest's operational risk and cost.
Rolf Bebenroth, Head of IT at cominvest, said: "With TLM Reconciliations the daily reconciliation of all transactions for institutional mandates runs automatically across the front and back office. Since the implementation of TLM Reconciliations, around two years ago, we have significantly improved our efficiency in processing transactions. Our daily processes run smoothly and we are now armed with better and more timely information to tackle discrepancies at the earliest possible stage. We are delighted to continue working with SmartStream under our new parent company."
Christian Schiebl, Executive Vice President at SmartStream, commented: "SmartStream and cominvest have created a strong relationship and I am delighted that this will continue under the ownership of Allianz Global Investors. Since its introduction, TLM Reconciliations has delivered significant benefits to cominvest. TLM provides greater transaction visibility and improved control over their positions, enabling cominvest to efficiently view, investigate and amend any differences between their internal databases. With customer service an important differentiator in a highly competitive market, TLM has helped cominvest to further strengthen their robust processes and to be a more proactive service provider."