SmartStream has established a client base of both regional banks and mega-banks through its local distribution partners, who to date have focused on selling and supporting the company's market leading reconciliations solutions. The launch of a direct presence in the market signals SmartStream's intent to expand the range of its middle and back office solutions available to the Japanese market both through a direct sales operation and through a broader array of channel partners.
The new operation will be led by Eiichi Matsumoto who joins SmartStream as Country Manager for Japan. Commenting on the increased market presence, Matsumoto said: "SmartStream has transformed itself over the last few years bringing a wealth of new middle and back-office automation solutions to market. I believe the climate in the Japanese market is such that firms are being forced to seek ways to achieve greater efficiency, control and drive unwanted costs from their business. SmartStream is in a strong position to help these firms, by working directly with them and through their local partners and trusted advisors."
SmartStream has recently announced new Reconciliations and Corporate Actions solutions. These solutions together with the company's Cash Management and Trade Process Management solutions will be made available in Japanese.
Commenting on the market's appetite for new workflow driven STP solutions, Matsumoto said: "SmartStream sponsored research conducted earlier this year by analyst firm Celent, revealed the need for greater automation of exception management and corporate actions processes in Japan. Market, client and regulatory demands are requiring firms to examine where they can gain greater efficiency from their middle and back office infrastructures. There's unquestionable value in these firms implementing SmartStream's TLM solutions across the middle and back office to lower their operational risk, reduce total cost of ownership (TCO) and deliver a significant return on investment."
Christian Schiebl, Executive Vice President at SmartStream Technologies,added: "The Tokyo office is another significant step in SmartStream's ongoing direct investment in the Asia Pacific region and follows the opening of an office in Beijing and the expansion of the Singapore office in 2008. The Japanese market has very specific automation needs and establishing an office in the country was always part of SmartStream's expansion plans for the region. We have already had success with partners and by establishing a local presence we can continue to build on this and support institutions' plans to deliver scalable and flexible transaction processing environments."