SOURCE: ByAllAccounts

ByAllAccounts

May 25, 2010 10:00 ET

SmartStream and ByAllAccounts Partner to Deliver Turnkey Account Aggregation and Reconciliation Solution

BOSTON, MA--(Marketwire - May 25, 2010) - SmartStream Technologies, the financial Transaction Lifecycle Management specialist, and ByAllAccounts, the investment manager's choice for account aggregation, today announced a partnership that will deliver aggregated, reconciliation-ready data within the TLM Reconciliations and TLM OnDemand solutions.

ByAllAccounts is a recognized leader in account aggregation to buy-side firms, with more than $170 billion in assets flowing through its aggregation engine daily. Traditional solutions for aggregating data for reconciliation are time consuming and costly, requiring significant and ongoing investment in people and infrastructure. ByAllAccounts' patented technology delivers standardized data from thousands of sources and bridges the gap between the online account information available to investment managers and the accurate, consolidated, reconciliation-ready data they need.

Dayle Scher, Research Director, Securities & Investments at TowerGroup, commented: "Mid tier and smaller buy-side firms struggle with improving efficiency in reconciliation operations due to the number of external sources housing portfolio and account data. Improvements in data aggregation can drive down costs as well as support operational controls provided by reconciliation applications."

The partnership will deliver a turnkey data and reconciliation solution to help buy-side firms, custodians, wealth managers and private banks build stronger operational controls in a more cost effective manner. The combined, ready-to-use solution will be available through TLM OnDemand, SmartStream's Software as a Service (SaaS) delivery model, providing a lower Total Cost of Ownership and rapid deployment to buy-side firms. For those firms with on premise reconciliations, ByAllAccounts will also be available as an integrated service within SmartStream's TLM Reconciliations solution.

Philippe Chambadal, CEO, SmartStream Technologies, said: "This is a significant announcement for SmartStream, our clients, and the market in general. The old approach of manual processes and multiple feeds into reconciliation solutions acts as a significant barrier to transaction processing automation, increasing both operational risk and cost. In today's market and regulatory conditions, asset managers, wealth management firms, private banks and hedge funds are looking for a combined data and reconciliation solution to help them build strong operational controls and do so in a more cost effective manner. That is precisely what the ByAllAccounts and SmartStream partnership provides, combining two leaders in their respective fields to offer a single solution that drives down transaction processing costs and delivers new levels of operational efficiency."

James Carney, president and CEO of ByAllAccounts, commented: "A recent survey by Thompson Reuters and Lepus Research revealed that 77 percent of participants from buy-side and sell-side firms intend to increase spending on projects that address data quality and consistency issues. Our joint solution gives investment managers a proven way to address those issues today, positioning our offering -- and the firms who use it -- for immediate success in this market."

Key aspects of partnership:

  • Integrated solution lowers the cost of reconciliations for buy-side firms, wealth managers, private banking and custodians
  • Available to on premise users and through SmartStream's SaaS delivery model, TLM OnDemand

About ByAllAccounts

ByAllAccounts, the investment managers' choice for account aggregation, is the only service that retrieves, enriches and consolidates reconciliation-ready account data from any custodian. ByAllAccounts' patented aggregation engine, through which more than $170 billion in assets flows, aggregates all client account data -- from any source -- within a manager's wealth management platform or trust accounting system for a truly comprehensive view. Hundreds of investment managers rely on ByAllAccounts to save administrative time and costs, mitigate risk associated with having incomplete information and grow revenues through client referrals and new business development. ByAllAccounts integrates seamlessly with all of the most popular wealth management platforms.

ByAllAccounts was founded in 1999 and has its headquarters in Woburn, MA. For more information about the company: www.byallaccounts.com.

About SmartStream Technologies

SmartStream Technologies is a recognised leader in financial transaction management software that enables firms to overcome critical transaction processing issues through increased automation.

SmartStream's industry-leading automated match rates create more proactive, exceptions-based processes that lower the cost per transaction while enabling firms to reduce operational risk, strengthen compliance and controls, and improve customer service.

As a result, more than 1,000 clients, including 75 of the world's top 100 banks, 8 of the top 10 asset managers, and 8 of the top 10 custodians rely on SmartStream Transaction Lifecycle Management (TLM®) solutions to deliver greater efficiency to their trading operations. For more information about SmartStream and our solutions visit: www.smartstream-stp.com

Contact Information

  • For further information, please contact:
    Geoff Whitehouse
    Communications Manager
    SmartStream Technologies
    +44 (0)20 7898 0633
    Email Contact

    Scott Bauman
    Greenough Communications
    +1 617-275-6518
    Email Contact

    Cynthia Stephens
    ByAllAccounts
    +1 781 376 0801 x 130
    Email Contact