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Reconciliations and Exceptions Management

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Overview

SmartStream’s reconciliations solutions automate and standardise processing to enhance match rates and operational insight. They incorporate comprehensive exception management, essential for the identification, prioritisation, allocation and audit of issues identified by reconciliations.

Our technology can be flexibly deployed and consumed through the cloud, as microservices, on-premise or via managed services. Integrated AI and machine learning capabilities empower business users, providing powerful analytical tools while reducing reliance on busy IT support teams.

Institutional banks, buy-side firms, neo-banks, payments service providers, corporates and telcos are using SmartStream’s solutions to improve risk management, boost operational performance, optimise manual touch points, and comply accurately with regulation.

Key Features

In response to escalating cost pressures and the need for enhanced operational efficiency, banks are actively pursuing resilient and adaptable reconciliations infrastructure. SmartStream’s TLM Reconciliations Premium stands out as a transformative solution, bringing together scalability, flexibility, and industry best practices. Its all-encompassing transaction management consolidates silos and eradicates the need for disparate point solutions, enabling organisations to centralise all reconciliation activities. The introduction of AI and machine learning, particularly 'Affinity', our observational learning technology, significantly reduces manual touchpoints and enhances data quality and insight.

TLM Reconciliations Premium accommodates various deployment options, accessible via a hosted service or on-premise, offering flexibility aligned with diverse banking needs. The managed service, adhering to best practice security guidelines, has proven impactful for clients, exemplified by a major global financial institution experiencing remarkable improvements in auto-match rates and exception reduction.

Modernising operational processes and managing complex data structures, TLM Reconciliations Premium proves instrumental for banks in enhancing risk management, operational performance, and regulatory compliance. Its reliability in handling multiple asset classes, volume insensitivity, and proficiency with various data formats positions SmartStream as a trusted provider, particularly crucial in meeting T+1 deadlines. The system's real-time capabilities empower users to identify breaks rapidly, providing a holistic view that surpasses traditional end-of-day reporting constraints.

The technology’s unique ability to process millions of transactions daily, from diverse sources, including intersystem, financial, and trading systems, provides a comprehensive understanding of breaks and inefficiencies. This broad-spectrum view is indispensable for detecting and resolving issues promptly. Furthermore, the platform's incorporation of sophisticated AI and machine learning technologies accelerates reconciliations onboarding, boosts match rates, and enhances self-sufficiency for business users. The advanced AI-enabled exception management module further underscores SmartStream’s commitment to innovation.

Beyond day-to-day operations, SmartStream's technology allows for detailed trend analysis, offering insights into processing efficiency, source system issues, and service provider performance. As the industry faces the challenges of T+1 settlement and budget constraints, the ability to identify weak links in the ecosystem of service providers becomes a strategic advantage. SmartStream’s technology monitors data flows comprehensively, offering unparalleled visibility into operational DNA and supporting the establishment of KPIs for assessing the value delivered by T+1 reengineering processes.

The solution offers:

- Complete transparency: real-time visibility of operational status and risk

- Increase automation: automation of manual processes and increase operational efficiency and improve financial controls

- Provide the business tools to be independent, to build, test and gain insights

- Standardisation: a single platform to manage the full range of reconciliations across the organisation, removing point vendors and consolidating on a core utility

- AI: deliver even greater efficiencies with cutting-edge technology

- Cost optimisation and reduction: a single platform delivers economies of scale, best practices, and shared user communities

- Efficiencies: direct allocation of manual tasks, streamlining of data and reduction of manual touch points

In essence, SmartStream's TLM Reconciliations Premium not only meets the evolving needs of modern banking but also positions itself as a transformative force, leveraging cutting-edge technologies to optimise operational efficiency, reduce costs, and deliver unparalleled insights.

Key Benefits

TLM Reconciliations Premium is a single, reconciliations agnostic solution. It incorporates industry best practices in pre-configured business processes for multiple reconciliation types, creating a highly scalable transaction processing environment, fl exible enough to cope with changing market and regulatory demands.

A powerful matching engine and integrated exception management capabilities deliver the highest possible automated match rates and ensure any failed transactions are escalated, repaired and returned to the process flow.

TLM Reconciliations Premium offers a comprehensive range of features including financial proofing and data analytics capabilities. Proofing is available by asset, currency and in combination, providing the flexibility to create a range of mathematical proofs, from simple trial balances through to complex NAVs. Analytical features are available for business users to analyse results in real time, to find underlying causes for breaks and to identify opportunities to improve matching hit rates.

The solution focusses on ease of use and simplicity, while a sophisticated layer of AI promotes business user independence and facilitates self-service. These advantages, combined with the solution’s ability to rapidly onboard a broad range of reconciliations, and a range of persistence options, enable institutions to keep overheads down to sustainable levels.