BRQ to distribute SmartStream’s market leading financial reconciliation solutions, provide local support and implementation services for firms in Brazil
Leverage BRQ’s banking, capital markets, and cards and payments expertise to implement global best practices for Brazilian firms
BRQ, a leading solutions and services companyfor Information Technology in Brazil, and SmartStream, the financial Transaction Lifecycle Management specialist, announced a partnership that will 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 market-leading reconciliation products. Together, BRQ and SmartStream will provide banks, capital markets firms and domestic cards and payments operations with access to proven technology, deep industry expertise and best practices gained from transforming reconciliation operations of international and global institutions. Specifically, 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," explains Bruno Schmidt, Director of BRQ Financial Services Division, which specialises in providing services and solutions to financial organisations. "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 reducescosts and boasts 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 issuesmore strategic to the business," he concludes.
Philippe Chambadal, CEO, SmartStream, said: “We have a long-standing commitment to Latin America and specifically to Brazil, having operated more than ten years in the region. BRQ, is one of the very top IT solutions companies in Brazil, brings local knowledge and local support for our current customers. They also have the ability, through their expertise in financial services, to work with firms in Brazil to make sure they get the most from our solutions, in terms of ROI and fit with their business processes.”
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