Genpact and SmartStream Partner to Make Financial Closing Process Shorter and More Effective for CFOs and ControllersApril 19, 2011 No Comments
Genpact Limited , a global leader in business process and technology management, and SmartStream, the financial Transaction Lifecycle Management (TLM) specialist, today announce a partnership to combine Genpact’s finance and accounting (F&A) services expertise with SmartStream’s new TLM Account Reconciliation solution to bring unparalleled levels of visibility and control to CFOs, while shortening the financial closing process.
Under the terms of the partnership, Genpact will serve as the preferred implementation partner for SmartStream’s recently-launched TLM Account Reconciliation solution, as well as deliver the solution via the BPaaS model for enterprises around the world. SmartStream’s TLM Account Reconciliation solution provides automation, visibility, controllership and efficiency to the financial closing process. As a result, CFOs, controllers, reconcilers, reviewers and auditors benefit from more accurate, centralized, workflow-based processes that can be managed on a flexible and cost effective BPaaS platform. These financial managers are also able to speed up the flow of consolidated, verified information and eliminate the risk of errors leading to restatement.
SmartStream’s TLM Account Reconciliation solution, based on its award-winning TLM Reconciliations-Premium product, replaces manual and fragmented processes with a fully automated, workflow-based approach. It removes the re-keying of data that presents the potential for human error, increases cost and lacks the proper operational controls demanded by regulatory authorities. The TLM Account Reconciliation solution delivers significant cost reductions through the retirement of multiple legacy systems and spreadsheets, while also reducing the resources required to perform the financial close in a shorter period of time.
“Genpact has a deep understanding of the general ledger account reconciliation requirements of companies, while SmartStream has the core reconciliation expertise and a solution that manages billions of transactions for financial services firms globally,” said Philippe Chambadal, CEO, SmartStream. “By collaborating we can offer the combined knowledge and technology to deliver significant efficiencies to companies who currently struggle with their financial close processes. The new solution, whether delivered on-premise or as a BPaaS offering, will deliver more controlled, efficient and transparent account reconciliation processing.”
“This partnership with SmartStream will strengthen our BPaaS offerings, enabling us to deliver best-in-class processes that are flexible, quick to implement and require little upfront investment for companies around the globe,” said ‘Tiger’ Tyagarajan, COO, Genpact. “We are supporting our strategy of combining Genpact’s expertise in process management with point technology solutions available on the cloud, which will make our clients’ financial closing operations even more effective.”
SmartStream is a recognised leader in financial transaction management software that enables firms to overcome critical transaction processing issues through increased automation.
SmartStream’s industry-leading automated match rates create more proactive, exceptions-based processes that lower the cost per transaction while enabling firms to reduce operational risk, strengthen compliance and controls, and improve customer service.
As a result, more than 1,000 clients, including 75 of the world’s top 100 banks, 8 of the top 10 asset managers, and 8 of the top 10 custodians rely on SmartStream Transaction Lifecycle Management (TLM®) solutions to deliver greater efficiency to their trading operations. For more information about SmartStream and their solutions visit: http://www.smartstream-stp.com
Genpact is a global leader in business process and technology management, offering a broad portfolio of enterprise and industry-specific services. The company manages over 3,000 processes for more than 400 clients worldwide. Putting process in the forefront, Genpact couples its deep process knowledge and insights with focused IT capabilities, targeted analytics and pragmatic reengineering to deliver comprehensive solutions for clients. Lean and Six Sigma are an integral part of Genpact’s culture and Genpact views the management of business processes as a science. Genpact has developed Smart Enterprise Processes (SEPSM), a groundbreaking, rigorously scientific methodology for managing business processes, which focuses on optimizing process effectiveness in addition to efficiency to deliver superior business outcomes. Services are seamlessly delivered from a global network of centers to meet a client’s business objectives, cultural and language needs and cost reduction goals. Learn more at www.genpact.com.APPLICATION INTEGRATION, News