SmartStream Technologies, has announced the launch of an outsourced reconciliations service in conjunction with BPO (Business Process Outsourcing) specialist, Tata Consulting Services (TCS).
The service is designed to increase STP (Straight Through Processing) rates to drive down cost and risk, while removing operational limitations through industry best practice reconciliations and investigations operations.
By standardising reconciliation and exception management processes SmartStream says that users can reduce operational risk and gain greater insight that will allow them to reengineer and strengthen their business processes. Additionally, by moving to this new utility structure they are able to convert their fixed costs to variable costs.
The service is launching with Deutsche Bank as its first customer. Martin Slumbers, Head of Investment Banking Operations, Deutsche Bank, explained: " As we develop our Operations Strategy, there are considerable benefits in being able to move our reconciliation requirements across our organisation onto a single enterprise wide solution and benefit from the scale effects that such internal and external utilities will ultimately deliver."
