SEI to use SmartStream for reconciliations
30 April 2014 | 1338 views | 0
SmartStream Technologies, the financial Transaction Lifecycle Management specialist, today announced the enhanced collaboration with SEI (NASDAQ: SEIC), the global provider of asset management, in which both companies will build and deploy a reconciliations utility that enables SEI to serve its wealth management clients with cash, transactions and securities positions from a single reconciliation platform.
This utility will be based on the latest version of SmartStream's TLM Reconciliations Premium™ solution.
Through the adoption of this solution, SEI is well placed for its anticipated growth and now has the ability to take advantage of the new business-specific derivatives and net asset value modules coming to market. Further benefits include the adoption of the exception management layer that provides improved service to its clients through the automation of exception handling, providing time critical break resolution. This will result in improved client service, visibility of risk and operational savings. In addition to the TLM Reconciliations Premium solution, SEI will also deploy the new SmartStream TLM SmartRecs™ solution that will operate seamlessly with TLM Reconciliations Premium, providing record setting onboarding of new reconciliations data, supporting the utility model. TLM SmartRecs enables business users to map and construct the reconciliations directly in line with their clients' requirements.
"SEI is looking forward to achieving significant quality and efficiency gains through the deployment of TLM Reconciliations Premium," said Ria Walsh, Executive Vice President, SEI Private Trust Company. "Additionally, we look forward to leveraging the TLM SmartRecs solution with a goal of broadening our current use of the solution for financial reconciliation, and using it in innovative ways to positively impact our business."
"We value our longstanding partnership with SEI and are very happy to have played a role in their continued growth. Additionally, with this new migration from TLM Reconciliations™ to the new TLM Reconciliations Premium we will be able to continue delivering even faster, more accurate results, further aiding their expansion." said Philippe Chambadal, CEO, SmartStream. "This relationship typifies the type of synergistic relationship we strive for in every long-term deployment; working together to develop the exact solution our cucustomers need."