Swift and SmartStream, the financial Transaction Lifecycle Management specialist, have partnered to enable financial institutions to communicate with SmartStream's TLM OnDemand reconciliation service via Swift.
Existing SWIFT customers can reuse their SWIFT infrastructure to use SmartStream's service, reducing transaction breaks, operational risk and time to process transactions, while maximising their return on investment and minimising total cost of ownership (TCO).
TLM OnDemand is SmartStream's Software as a Service (SaaS) offering for reconciliations. Its subscription-based approach requires no upfront expenditure on software licences and a rapid on-boarding process delivers a live service in a matter of weeks.
This non-exclusive partnership is a strong example of the kind of collaboration between key providers of solutions, services and connectivity that will ensure SaaS delivers financial institutions a true step-change in the performance and efficiency of their core operational processes. SWIFT will forge similar partnerships with other providers of SaaS solutions where there is a clear benefit to the SWIFT community.
SaaS enables financial institutions to access software solutions in a cost-effective way, eliminating the burden and cost of in-house management and maintenance of applications and giving firms flexibility and agility in the way they deploy software.
TLM OnDemand's transaction-based pricing model offers a low-cost route for investment managers and banks to access a market-leading reconciliation solution. It enables SWIFT customers to automate their reconciliations to cost-effectively reduce transaction breaks, driving down their cost per transaction and minimising operational risk. The SWIFT network provides the highest levels of security and reliability, and enables standardised communication with TLM OnDemand.
Philippe Chambadal, CEO, SmartStream Technologies, said: "The partnership with SWIFT brings the market-leading reconciliations solution to the entire market, offering unbeatable value to firms that have yet to automate a business critical function. It delivers clear benefits for clients; the integrated service makes on-boarding as simple as possible, providing a higher automated throughput of transactions and lower break rates. The single subscription fee means customers of the joint service will not be charged for the SWIFT messages consumed."
Chris Church, global head of securities at SWIFT, said: "The combination of SWIFT and SmartStream's TLM OnDemand will help firms to simplify the transaction process, deliver increased STP rates and drive down TCO."