SmartStream Technologies, the financial Transaction Lifecycle Management (TLM®) specialist, have set up a SmartLabs innovation centre, and released its first solution: TLM SmartRecs OnDemand. The hosted service is easy to use for smaller firms with non-technical staff, offering an alternative for performing simple reconciliations.

Inefficient spreadsheets v. cloud based solutions

Using spreadsheets to process reconciliations is inefficient, prone to errors, unaudited and can lead to multiple fines.  SmartStream has developed the TLM SmartRecs OnDemand solution which is a cloud-based, straightforward and cost-effective answer for companies looking to remove manual intervention from their reconciliations processing.

TLM SmartRecs OnDemand features:

• a simple, highly intuitive, wizard-based user interface
• drag and drop capabilities
• management of data in Excel and delimited formats
• identifying matches and exceptions within minutes
• functionality catering for both regulated and non-regulated reconciliations.

SmartStream claim that the simplicity and ease of use of TLM SmartRecs OnDemand make it an ideal solution for business users, enabling them to perform reconciliations tasks without the reliance on technical support. Darryl Twiggs, EVP Product Management, SmartStream explained how they have been driven by user demand: “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.”