SmartStream Technologies, the financial Transaction Lifecycle Management specialist, today announced the global roll-out of its TLM Accounts Receivable solution to help banks deliver a holistic receivables management solution to their corporate clients.
TLM Accounts Receivable was originally developed in conjunction with a major financial institution in Asia to meet a growing market need. Seeing that transaction banking could provide revenue generating opportunities, the bank was looking to diversify the menu of services offered to its corporate clients, thus increasing customer loyalty and share of wallet. Due to the multiple payment channels available, many corporates face the challenge of visibility of payments to invoices, tracking these payments and reporting on Daily Sales Outstanding (DSO). Therefore the bank wanted to be able to provide an intelligent receivables solution that would encapsulate middle-office systems including reconciliations, cash flow forecasting and exception management.
TLM Accounts Receivable is a rapidly deployable, packaged solution which utilises SmartStream’s proven platform for the matching and investigation of outstanding invoices. It has the capabilities to provide efficient identification and tracking of unmatched payments helping reduce DSO and the ability to alert clients on critical business events, such as overdue payments, through the use of workflow rules.
Dr Darryl Twiggs, Head of Product Management, SmartStream: “Having completed a successful implementation of TLM Accounts Receivable with our client in Asia, we are overwhelmed with the interest we are receiving from our clients and are now rolling it out globally. With an increasing number of companies looking to their banks for guidance with regards to payments processes, SmartStream is in a great position to provide support to these banks with solutions that offer true business benefit to their customers. As a packaged product TLM Accounts Receivable allows for immediate deployment and fast ROI whilst maintaining the flexibility to address specific client needs: different invoice types; multi-currencies; multiple types of clients; native languages. We truly believe it offers a unique opportunity for financial institutions to increase revenues and offer value-added services to their clients.”