Smartstream partners with Union Systems to tap Africa’s finserv space
Financial services software provider Smartstream has partnered with Union Systems, a fellow software provider operating specifically in East and West Africa’s financial services space.
The partnership will see Smartstream’s Transaction Lifecycle Management (TLM) solutions, which leverage artificial Intelligence (AI) and blockchain technology, offered alongside Union System’s existing products in 19 African countries.
The new partnership will help banks and other financial institutions (FIs’) digitise their post–trade environments, where the buyer and the seller compare trade details, approve the transaction, change records of ownership and arrange for the transfer of securities and cash.
This post-trade process is especially important for FIs when the market isn’t standardised, such as the over-the-counter (OTC) markets where two parties trade stocks, commodities or currencies directly without a central exchange or broker.
Union Systems CEO Chuks Onyebuchi describes the particular product ‘SmartStream Air’ as “a game changer for reconciliations through its use of AI” and is excited to distribute it to clients.
SmartStream’s partners and alliances director Guenther Ruf calls Union Systems “a very reputable organisation in the region”, and says its new partner will see the TLM’s automation levels drive up straight-through-processing (STP) rates, bring down the overall cost of processing and improve customer service by making less errors.