SmartStream Technologies has partnered with Luxoft, a DXC Technology Company, to accelerate and expand the delivery of SmartStream’s solutions, leveraging Luxoft’s deep financial services domain expertise, market coverage, and premium consulting, integration and implementation credentials. The team-up is expected to help financial institutions digitally transform the entire post-trade lifecycle, enabling more efficient, streamlined and cost-effective middle- and back-office operations.
Pierre Castagne, Global Head of Alliances, Luxoft Financial Services, commented: “Together, SmartStream and Luxoft will help financial institutions improve operational control, build new revenue streams, mitigate risk and comply accurately with regulations. Based on our successful partnership model and proven onshore/nearshore delivery expertise, Luxoft is building a powerful alliance network with market leaders and innovators across the trade lifecycle value chain. This will provide clients with specialized skills and tailored solutions that unlock agility, modernization and cost savings”.
Günther Ruf, Director, Partner and Alliances at SmartStream, said: “Luxoft is exactly the type of organization we were looking to partner with. They have the necessary global footprint, plus the knowledge and experience needed to help financial institutions utilise our solutions in optimising their back-office functions. It’s the perfect complement to our offering. Now it will be easier than ever for a business to increase automation levels, which results in a dramatic rise in STP rates and a lowering of the overall cost of processing. This, coupled with a significant reduction in the amount of overall errors, can greatly improve a financial firm’s customer service efforts and add to their reputation”.
Last year, SmartStream released a white paper about the regulatory pressures imposed on intraday liquidity requirements, which explores the benefits that can be realized by financial institutions when they transform intraday discussions from an operational burden into adding true business value. The paper also analyzed how institutions can leverage next-generation technologies like Cloud, Artificial Intelligence and Machine Learning to achieve the goals of real-time, active management of global intraday liquidity. The report found that while meeting regulatory obligations is undoubtedly front and center for most financial institutions, the ability to manage liquidity intraday and to stress test liquidity demands are not simply a matter of regulatory interest. Smartstream concluded that business optimization opportunities can come from having a strengthened intraday liquidity framework.
Also in 2019, SmartStream announced a new client-driven strategic focus in line with the new FSA (now PRA) rules governing liquidity management for the UK and foreign branches. Nadeem Shamim was appointed to lead cash and liquidity management solutions globally in response to the new regulations.
