SmartStream
The future development of SmartStream’s solutions will be firmly based on feedback from key clients.
Innovation is the backbone of the company and runs through all of its product offerings. Fees and Expense Management is no exception, and Malesha’s team is constantly developing the solutions capability. “We are seeing new customers come on board and we are also going into new categories for existing customers to give them the single view that they need of all their expenses and fees,” says Malesha. “The transparency we provide in custody and clearing processes is unrivalled.” “We can, for example, look at all clearing costs across a business and with all of the clearinghouses a client works with, and we can analyse how they are transacting with them,” he adds. “We can see if there are optimal solutions, such as whether subscribing to a membership of a specific plan might deliver savings, or whether a bank has opportunities for self-clearing. Those decisions become clear when you can see the key drivers of those costs.”
The further development of the solution will be based firmly on the feedback that Malesha and his team get from their key clients, among them many tier one banks. Working closely with customers to drive innovation is a fundamental part of SmartStream’s culture, and that collaborative approach runs through every aspect of its business. “Our bank partners are our clients, and we are supporting their customers through a focus on clearing costs and custody, providing more transparency on those costs and implementing commission-sharing agreements,” Malesha explains.
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“Our solution is becoming more and more integrated with the market infrastructure.” “That process is always ongoing,” he adds.
“We have to be constantly profiling institutions and their cost base as the market changes. Their transaction volume profile changes year to year or month to month, so you cannot simply apply the old model and hope it works.”
As more and more clients choose to access the fees and expense management capability as part of a managed services engagement with SmartStream, the company has an opportunity to become an even closer partner to financial institutions by providing a one-stop shop for invoice and expense control.
“The constant technology innovation for financial institutions runs right through our managed services offering,” says Malesha. “For fees and expense management, this means bringing more standardisation across the industry and enabling automation through a single platform.”
“Our goal is to act as a true utility for our clients, and that will happen in the next three-to-five years,” he adds. “Fees will increasingly become an integral part of electronically settled payments, so better controls in the accounting process – as well as more efficiency – will become even more important. At SmartStream, we are always looking out for the next problem our customers will face and working to solve it.” ●
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