SmartStream Technologies, a financial Transaction Lifecycle Management (TLM) provider, in a bid to help push its disruptive technology, has launched its SmartLabs innovation center, which corresponded with the release of its TLM SmartRecs OnDemand solution, per a recent SmartStream statement.
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SmartRecs OnDemand is SmartStream’s inaugural attempt at pushing a new agenda that utilizes twin pillars of its business, i.e. innovation and technology. The solution itself is a hosting utility that helps facilitate reconciliation services for firms of all sizes, with a specific emphasis on small-scale firms.
Traditional use of techniques such as spreadsheets and basic reconciliation methodologies are prone to inefficiencies and errors, still relying in many instances on manual processing as a viable strategy for many financial services firms.
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The SmartRecs OnDemand solution is also a cloud-based utility that aims to circumvent the aforementioned manual component used by financial firms. TLM SmartRecs OnDemand caters to small businesses that cover a higher range of latitude whilst giving consideration to all manners of the reconciliation process, for users of all experience and prowess.
According to Darryl Twiggs, Executive Vice President (EVP) Product Management, SmartStream, in a recent statement on the launch: “We’ve been in discussion with many smaller firms, such as hedge funds and financial departments within corporations, and they have repeatedly asked for a way to use our TLM SmartRecs OnDemand solution without having to provide their own internal support.”
“What makes SmartLabs unique is that unlike other innovation labs, we can create solutions that benefit from the depth and breadth of over 20 years of development experience,” added Mr. Twiggs.
Last month, SmartStream technologies made headlines after it secured Ben Pielow as its newest Sales Director for the UK and Ireland. Since then, Mr. Pielow has helped focus on the group’s TLM and reference data utility (RDU) suite, which caters to a wide range of clients across both countries, whilst based out of London.