SmartStream Technologies, the financial Transaction Lifecycle Management specialist, today announced a new partnership with EastNets, a leading provider of global compliance and payments solutions and services, and one of the world’s largest SWIFT Service Bureau’s.
EastNets, which has more than 1,000 customers and over 250 financial institutions on its Service Bureau, will act as a distributor for TLM OnDemand, offering SmartStream’s SaaS solution to its clients in the Middle East and US. The reconciliations service is a natural extension to the firm’s already established Service Bureau and offers EastNets’ clients additional strategies to control risk and cost in their business.
SmartStream’s TLM OnDemand service was designed to provide small to medium-sized firms with affordable and rapid access to the same technology that is already deployed at many of the world’s leading institutions. EastNets has significant expertise in partnering with this target market, offering both service-based and on-premise solutions. In addition to delivering SmartStream’s SaaS reconciliation offering, EastNets will also distribute SmartStream’s suite of TLM and Corona solutions.
This is the first distribution agreement for TLM OnDemand and will enable EastNets to offer rapid on-boarding and transaction based pricing for the market-leading reconciliations solutions.
Hazem Mulhim, CEO, EastNets, said: ‘We’re delighted with this agreement and believe it’s a positive step forward for ourselves and most importantly our customers. EastNets is a trusted provider of services and solutions to our clients and it’s important that we continue to evaluate and assess the market to identify the best solutions. It’s clear that SmartStream’s solutions and services have an unrivalled ability to reduce risk and cost for financial institutions. By partnering to extend their latest OnDemand reconciliations service into our bureau whilst also enabling us to resell their on-premise solutions we can offer clients complete flexibility in how they choose to access these market-leading products. I am confident this partnership will benefit our clients and drive EastNet’s continued growth not only across the Middle East but into our expanding US operations.”
Philippe Chambadal, CEO, SmartStream Technologies, commented: “EastNets’ growing client base is seeking to invest in services that have an immediate impact on reducing their operating cost and risk. We have designed our TLM OnDemand service to specifically meet these needs by offering our market-leading reconciliations solution through a cost-effective SaaS model. For those organisations that have held back from automating their back office, or replacing legacy systems that cannot cope with today’s business demands, it delivers the same solution used by Tier 1 firms but with a lower upfront investment and reduced ongoing operational costs.”
Alastair McGill, EVP, Business Development & Alliances at SmartStream Technologies, added: “This is an exciting partnership; by integrating the OnDemand reconciliations service into EastNets bureau we’re offering an unbeatable Total Cost of Ownership for EastNets clients. For no upfront license fees, their clients will now be able to access market leading reconciliations technology on a per transaction pricing model. I know both our organisations believe that the combination of EastNets’ market knowledge and geographic coverage combined with SmartStream’s market leading solutions will drive significant success and client benefits.”
EastNets and SmartStream will be holding a series of workshops over the next few months to explain to firms across the Middle East region and the US how they can take advantage of the partnership.
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