Challenger buys TLM Reconciliations to control rapid growth

London & Sydney - 9 October 2006

SmartStream Technologies the market leading provider of Transaction Lifecycle Management solutions today announced Challenger Financial Services Group has selected TLM Reconciliations.

Challenger, an established Asset and Fund Manager and one of Australia's largest non-bank mortgage lenders, selected TLM Reconciliations to automate their previously manual reconciliations process. The company, which has experienced a period of considerable growth, pursued a competitive review to identify a solution that would create a volume insensitive reconciliations operation to service their entire operation.

David Brown, Challenger's General Manager Investment Services, explained, "We're a growing company that's determined to keep customer service at the heart of our business. To do so we invest in building business processes that can scale as we expand, enabling us to contain cost and reduce risk.
TLM Reconciliations will strengthen our operations by providing greater control and visibility across our entire reconciliations operation. Its ability to reconcile any type of transaction has allowed us to standardise on a single, scalable application to support not only our immediate needs but our longer term requirements."

TLM Reconciliations will enable Challenger to automate their entire enterprise wide reconciliations and exception management process including multi-way and inter-systems reconciliations. To extend the process across the firm's distributed user community Challenger will also be deploying TLM WebConnect, SmartStream's web portal. TLM WebConnect will enable the firm to manage a low cost deployment across multiple sites, minimising support and maintenance requirements as new reconciliations functionality is rolled out over time.

Commenting on the new client signing, Stefan Wawrzyniak, Regional Director, SmartStream Asia Pacific, said “We're delighted Challenger selected TLM Reconciliations and is partnering with SmartStream. We continue to grow and invest in our Asia Pacific business expanding our operations across Sales, Professional Services and Support; it's great to see yet another of our local leading intuitions exploit this investment.”

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