London, August 9th 2004. SmartStream Technologies, the market leading provider of Transaction Lifecycle Management (TLM) solutions announced that TLM has been selected as Travelex's strategic reconciliation and exception management solution. The selection follows Travelex's acquisition of My Travel's Foreign Exchange bureaus.
Gareth Richards, Director of IT Development for Travelex, said: "We needed a dedicated solution, as we were performing reconciliations using a number of in house systems. It made sense to look for a standardised solution for the Group. After a competitive review, SmartStream's TLM Reconciliations & Investigations was selected."
The first phase of the installation, which is now complete, implemented TLM Reconciliations & Investigations for My Travel. The second phase involves extending the implementation to manage all cash reconciliation performed by Travelex.
"One of the biggest benefits we recognised in TLM was its scalability and ease of use. Initially our focus is cash reconciliations and investigations, but the uniquely generic nature of the product is already allowing us to explore extending TLM to cover confirmation matching and cash management. Volume insensitivity was a crucial aspect in our purchase decision as SmartStream's TLM solutions will be deployed to manage all of Travelex's reconciliation requirements globally," commented Richards.
TLM will also be deployed to automate Travelex's currently manual exception management processes, greatly improving risk management and control. Travelex was particularly impressed with the control offered by TLM's integrated Dashboard, which delivers real time, enterprise wide MIS and provides a full audit trail of all transactions from a single screen.
"TLM Reconciliations & Investigations is ideally suited to Travelex, providing a proven, scalable and robust solution capable of meeting the Group's business needs today and as it continues to grow. Travelex's enterprise approach to managing reconciliations and exceptions has created a foundation for an STP Control Architecture to deliver real time control of risk and operations," concluded Steve Moss, Regional Director, SmartStream Technologies.