Technology Management Provider Genpact and SmartStream Aim To Give More Control To CFOs

Genpact, a provider of business process and technology management, has partnered with SmartStream, the financial Transaction Lifecycle Management (TLM) provider, to bring more visibility and control to CFOs, while shortening the financial closing process. The deal will allow Genpact, a finance and accounting services expert, to leverage SmartStream's new TLM Account Reconciliation solution.

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." Melanie Rodier has worked as a print and broadcast journalist for over 10 years, covering business and finance, general news, and film trade news. Prior to joining Wall Street & Technology in April 2007, Melanie lived in Paris, where she worked for the International Herald ... View Full Bio