Business

SmartStream Technologies, the economic Transaction Lifecycle Management (TLM) solutions provider, recently revealed that Jumhouria Bank, the largest bank in Libya, has effectively gone live on SmartStreams solution for the reconciliations of cash payments - the first of a two phase implementation to consolidate and automate the reconciliation method throughout its 170 branches to deliver real-time operational control.

The SmartStream reconciliations solution is being rolled out to change manual procedures throughout Jumhouria Bank - making sure better visibility into cash, card, branch, central bank and payment transactions. It will offer the bank with new levels of automation and manage over its transaction processing; facilitating regulatory compliance, straight via processing and elevated client service.

Mr. Nouri Ali Mohamed Aboflega, Deputy General Manager, Jumhouria Bank says: "We try to fulfill our vision at Jumhouria Bank, to retain our position as the first peoples bank in the region. Through constant investment in technology we goal to offer the very best level of service to our customers. The first phase of the project is an essential step for us and we are extraordinarily delighted with the preliminary results. We look ahead to leveraging SmartStreams enterprise expertise in reconciliations as we proceed to add more value to our business.

Roland Brandli, Product Manager added: Whilst we have been offering reconciliations to banks throughout the globe for over 40 years, we are seeing multiplied interest in reconciliations solutions in the payments space and are excited that we have some other consumer making use of SmartStream in this area. We are delighted to be having been chosen as part of the banks strategy. The first phase implementation has not only reconciled a massive quantity of historic data however it has totally changed their process, making sure that the entirety is processed successfully and exceptions are followed up on a day by day basis. Jumhourias decision to enforce our solution is further evidence that SmartStream is now firmly established as the reconciliations provider of preference throughout the MENA region.

SmartStreams SWIFT-certified, modular application addresses the reconciliation and exception management needs of establishments of all sizes. It offers better transaction management control while its bendy deployment solutions allow monetary institutions and corporates to considerably decrease their time to market.

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