Brazilian IT company, BRQ, and SmartStream have joined forces to provide greater operational efficiency and control to the Brazilian financial services market.
BRQ will distribute, implement and support SmartStream’s transaction lifestyle management solutions across the Brazilian market to help clients ensure information integrity throughout the front, middle and back-office operations.
Together BRQ and SmartStream will work to transform the management of reconciliations to reduce costs, lower operational risk and increase client’s agility, enabling them to better service their internal customers.
Banks have very high daily transaction volumes. This information associated with these transactions is subject to specific rules, and regulators insist on the control of reconciliation of the data as an essential control.
Today, reconciliation is typically handled in a decentralised way, manually or with ineffective automation, explained Bruno Schmidt, director of BRQ financial services division
Schmidt continued: "This process, in addition to being time consuming, is constantly subject to errors. With SmartStream’s secure best-in-class technology, effective control of the data and operations is guaranteed, regardless of the systems involved.”
"The software gives banks a number of other benefits, such as a gain in agility, since all processes are now automated. Thus, teams can worry about other issues more strategic to the business."
Philippe Chambadal, CEO of SmartStream, said: “We have a long-standing commitment to Latin America and specifically to Brazil, having operated more than ten years in the region. BRQ, is one of the very top IT solutions companies in Brazil, brings local knowledge and local support for our current customers. They also have the ability, through their expertise in financial services, to work with firms in Brazil to make sure they get the most from our solutions.”
