The innovators at SmartStream Technologies have introduced the first solution from its SmartLabs innovation center, and it’s a tool for financial services companies to streamline the reconciliation process.
In an announcement late last week, SmartStream announced the creation of TLM SmartRecs OnDemand, a reconciliation solution developed for smaller FinServ firms without dedicated staff to manage the technical aspect of reconciliation.
“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,” stated Darryl Twiggs, the company’s EVP of product management.
The tool provides drag-and-drop capability and is compatible with data stored in Excel sheets, as well as other formats. According to the company, it takes only minutes for the solution to identify matches and invoice exceptions.
SmartRecs OnDemand operates on a cloud-based portal with a focus on removing manual intervention in the corporate reconciliation space, the company added.
Twiggs added that the reconciliation solution was born out of its lab to develop disruptive technologies for corporations.
“This is the first offering from our SmartLabs development center,” Twiggs continued. “As a discreet organization within SmartStream that incorporates sales, product development, technology and even marketing, it is at the forefront of financial technology, recognizing developing trends and requirements for clients. 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.”