Oddo Services Switzerland, a Business Process Outsourcing (BPO) provider owned by the French bank Oddo & Cie which has many corporate and finance clients that need to conduct reconciliation and risk procedures, is installing SmartStream’s TLM Corona software to offer this service.
SmartStream’s TLM Corona software suite will let Oddo Services Switzerland’s clients perform all of their reconciliations on a single platform, in a fully auditable environment, potentially allowing them to increase their operational efficiency, while also providing them with greater visibility in terms of risk management procedures.
TLM Corona’s modules will provide a range of functionality for the intra-day reconciliation of cash transactions, securities messages and confirmations for the BPO clients. It will provide off-the-shelf functionality for all of Oddo Services Switzerland’s clients by significantly reducing their time to market, claims the vendor, as well as instituting a straight through process (STP).
The intra-day capabilities of the product will support the automation of what was previously a manual end-of-day processing job. Oddo Services Switzerland’s clients will be able to accurately forecast positions in future based upon actual, real cash positions and not predictions. This will allow liquidity to be managed on a real-time basis, enabling greater control of financial exposures for better decision making and risk assessments.
Commenting on the deal, Olivier Rolland, chief executive officer (CEO) of Oddo Services, said: “We have been impressed by the TLM Corona platform’s robustness and reputation. Moreover, the TLM Corona platform’s architecture will allow us to very easily add new clients as we grow our Swiss BPO platform.”
According to Emmanuel Lesur, executive vice president and global head of sales at SmartStream Technologies, Oddo Services is one of the major back office outsourcing providers in the French market and winning this contract will help the firm further penetrate the French-speaking marketplace. “Our [shared] goal is to continue working together as partners to help financial firms in the region solve important issues, such as better control of operational risk and enhanced visibility of actual cash balances,” he added.