LONDON, Nov 24 (Bernama-BUSINESS WIRE) -- SmartStream, the financial Transaction Lifecycle Management (TLM®) specialist, today announce over 20 major financial institutions are using their Centre of Excellence (CoE) utilities. The CoE has two distinct services: a Managed Service Utility and a Central On-Boarding Utility (COU) – each aid in the processing of reconciliations, making it faster, more cost-effective and for many firms, lowering the cost of implementation by as much as 65 percent.
In today’s markets, financial institutions need to manage the growing volume of reconciliations which are becoming increasingly complex in nature, making processing more time-consuming and costly. Firms have to overcome this challenge, as well as avoid the rising backlogs. One route financial institutions are exploring is the use of utilities. Working in partnership with a utility vendor allows a financial institution to outsource all or part of the reconciliations handling process, thus enabling them to realise greater savings, faster results and more accurate data.
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