 "TCS-SmartStream Launch TCS Aspire Service")
Tata Consultancy Services and SmartStream have launched an outsourced reconciliation service, TCS Aspire Service, powered by SmartStream’s Transaction Lifecycle Management (TLM) platform. With this, banks and financial institutions can now access, without any upfront investment, a scalable reconciliation operation which is designed to drive down costs and risk, while removing operational limitations.
TCS Aspire Service aims to increase the straight-through processing (STP) rates of both core and client-specific transactions, through the use of the complex algorithms within SmartStream’s TLM.
Commenting on the new service, N.G Subramaniam, president, financial solutions, TCS, said, “TCS Aspire Service will allow financial institutions of all sizes to access best practice and expertise from the leaders in business services and reconciliations. By improving the STP efficiency of transaction reconciliation, financial institutions will be better able to deal with market volatility, without the need to expand the number of full-time equivalents (FTEs).”
Deutsche Bank has been confirmed as the first institution to adopt the new service.