Brazil IT services company BRQ and financial transactions management solutions specialist SmartStream have formed a partnership that aims to bring greater operational efficiency and control to the Brazilian financial services market.
With the alliance, BRQ will distribute, implement and support SmartStream’s transaction lifecycle management solutions across the Brazilian market to help clients ensure information integrity throughout the front, middle and back-office operations.
The alliance partners will initially focus on SmartStream’s reconciliation products and provide banks, capital markets firms and domestic cards and payments operations with access to technology, industry expertise and best practices gained from transforming reconciliation operations of international and global institutions. Both companies will work to transform the management of reconciliations to reduce costs, lower operational risk and increase client’s agility, enabling them to better service their internal customers.
“Banks have very high daily transaction volumes. This information associated with these transactions is subject to specific rules, and regulators insist on the control of reconciliation of the data as an essential control. Today, reconciliation is typically handled in a decentralised way, manually or with ineffective automation,” said Bruno Schmidt, director of BRQ’s financial services division
“This process, in addition to being time consuming, is constantly subject to errors. With SmartStream’s secure best-in-class technology, effective control of the data and operations is guaranteed, regardless of the systems involved.”
Besides reducing the risk of operational errors, the solution reduces costs and offers a high return on investment in a short period of time. “The software gives banks a number of other benefits, such as a gain in agility, since all processes are now automated. Thus, teams can worry about other issues more strategic to the business,” Schmidt added.
However, a London summit on the industry’s introduction of the technology cautions that testing and acceptance are still at an early stage and firms should proceed with caution.
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