Jumhouria Bank of Libya selects SmartStream for reconciling payments

SmartStream TechnologiesLondon based SmartStream Technologies, a Transaction Lifecycle Management (TLM) solutions provider has announced that Libyan Jumhouria Bank, has gone live on SmartStream’s solution for the reconciliations of cash payments. The move is part of the Islamic bank’s initial step of the two-phase implementation to consolidate and automate the reconciliation process across its 170 branches to deliver real-time operational control.

SmartStream reconciliation software solution understands the transaction matching, exceptions and investigations needs of institutions regardless of size, processes, or lines of business. Financial reconciliation solutions are based on the company’s proprietary TLM technology. The solution can link reference data to reconciliations, delivering enhanced cross–instrument processing across the enterprise.

Jumhouria Bank is rolling out the solution to replace manual processes across the Bank, ensuring visibility into cash, branch, card, central bank and payment transactions. The strategic integration is expected to provide the bank with automation and control over its transaction processing; facilitating regulatory compliance, straight-through processing and improved customer service.

“We strive to fulfil our vision at Jumhouria Bank, to maintain our position as the first people’s bank in the region. Through continuous investment in technology we aim to provide the highest level of service to our customers. The first phase of the project is an important step for us and we are extremely pleased with the initial results. We look forward to leveraging SmartStream’s industry expertise in reconciliations as we continue to add more value to our business,” said Mr Nouri Ali Mohamed Aboflega, Deputy General Manager, Jumhouria Bank.

Transaction Lifecycle Management is SmartStream’s trademarked approach to solving operational processing challenges by understanding the end-to-end transaction flow. The technology improves automation and visibility through its independent operational controls and a systematic approach.

Its SWIFT-certified, modular application addresses the reconciliation and exception management needs of institutions of all sizes. It provides greater transaction management control while its flexible deployment options enable financial institutions and corporates to reduce their time to market.

“Whilst we have been providing reconciliations to banks across the globe for over 40 years, we are seeing increased interest in reconciliations solutions in the payments space and are excited that we have another customer using SmartStream in this area. We are delighted to be have been selected as part of the bank’s strategy. The first phase implementation has not only reconciled a huge amount of historical data but it has completely transformed their process, ensuring that everything is processed correctly and exceptions are followed up on a daily basis. Jumhouria’s decision to implement our solution is further evidence that SmartStream is now firmly established as the reconciliations vendor of choice across the MENA region,” said Roland Brandli, Product Manager, SmartStream.

Founded in 2000, SmartStream provides Transaction Lifecycle Management solutions with integrated AI and Blockchain technologies to digitally transform operations within financial organisations. According to company data, the FinTech has over 2,000 clients, including 70 of the world’s top 100 banks. Solutions offered by SmartStream include cash & liquidity management, client money segregation, confirmations management, collateral management, corporate actions processing, exception management, digital payments and investigations, fees and expense management, reconciliations, and reference data. 

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