SmartStream, a financial transaction lifecycle management (TLM) specialist, has launched a new general ledger (GL) account reconciliation solution for enterprises, bringing increased levels of visibility and control while shortening the financial close process.
Based on the TLM Reconciliations-premium product, the TLM Account Reconciliation solution replaces manual and fragmented processes with an automated, workflow-based approach. It removes the re-keying of data that presents potential for human error, increases cost and lacks proper operational controls demanded by regulatory authorities.
SmartStream is partnering with global business process and technology management specialist Genpact to offer the new solution on a comprehensive business process as a service (BPaaS) basis. The firm is working with SmartStream to configure the solution and it will act as the preferred implementation partner, as well as offer the solution as BPaaS for enterprises around the world.
Philippe Chambadal, chief executive officer (CEO), SmartStream, said: “Genpact has a deep understanding of the account reconciliation and GL requirements of corporates, while SmartStream has the core reconciliation expertise and a solution that manages billions of transactions for financial services firms globally. By collaborating we can offer the combined skills and knowledge to deliver significant efficiencies to corporates who currently struggle with their financial close processes. The new solution, whether delivered on premise or as a BPaaS offering will deliver more controlled, efficient and transparent account reconciliation processing.”
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