Empaxis, a leading provider of back-office outsourcing and trade reconciliation services, today announced that it has partnered with SmartStream Technologies, the financial transaction lifecycle management specialist, to offer a robust, service-based trade reconciliation platform for the buy-side.
The joint offering will provide a complete, turn-key technology and processing service for trade reconciliation and will target small and medium-sized hedge funds and asset managers, leveraging SmartStream's industry-leading reconciliation and exception management platform to manage their middle- and back-office workflow.
Highlights of this partnership include:
• Complete outsourced reconciliation and reporting service provides buy-side firms with a cost-effective way to manage growth and demonstrate best practice operational controls to investors
• SmartStream best in class reconciliation and exception management combined with Empaxis reconciliation services capability delivers significant lifetime cost savings
Empaxis' cost-effective back-office processing and reconciliation services provide buy-side firms with operational efficiency and rapid time to market through an on-demand and scalable service model, designed to cater specifically to the needs of asset managers, hedge funds and middle- and back-office buy-side technology providers. Empaxis' solutions also support a full range of instrument types that are currently being used by investment managers.
"Industry research and our own analysis of our clients' operations tell us that small and mid-tier buy-side firms are underserved when it comes to reconciliations. They struggle to scale their operations to handle asset and transaction growth while curbing costs; at the same time, they need to demonstrate to their investors that they have tight operational controls," said Philippe Chambadal, CEO of SmartStream. "By working with Empaxis, we're now able to offer the same platform used by the largest firms as a cost effective, turn-key back-office processing solution."
"We are delighted to be partnering with a company that has such a stellar reputation as SmartStream," said Stephen Van de Wetering, CEO of Empaxis. "This type of joint solution is a natural fit for Empaxis as we've developed a tremendously high level of expertise around supporting back-office technologies and delivering exceptional value to our clients."