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Myanmar’s AYA Bank goes live with SmartStream’s digital payments platform

By Gloria Mathias

May 07, 2024

  • AYA Bank
  • Banking technology
  • BankTech
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AYA  Bank, Fintech News, Fintech solutions, Smartstream, Fintech Singapore, Digital Payments Platform, Banking technology, BankTech, SmartStream, the financial Transaction Lifecycle Management (TLM) solutions provider, has announced the implementation of its TLM Reconciliations Premium Digital Payments Control solution at AYA Bank, Myanmar’s banking institution.

AYA Bank has recognised the need for a tool capable of efficiently processing the influx of payment transactions. This implementation marks an advancement for the bank’s digital transformation journey.

SmartStream’s TLM Reconciliations Premium Digital Payments Control will streamline various tasks, including reconciliations, settlements, fee computation, and dispute resolution. Leveraging AI capabilities, the solution will facilitate rapid system adoption and comprehensive management of the bank’s transaction lifecycles.

In addition, it will introduce a real-time oversight layer, further enhancing transaction transparency and automating accounting processes. These enhancements will enable AYA Bank to mitigate risks and effectively reduce operational expenses.

Yvonne Nang Saw Kham Phyu, Director and Head of Cards and Payment Services, AYA Bank, stated, “The adoption of SmartStream’s Digital Payments Control has been a transformative step for AYA Bank, markedly enhancing our service delivery. We commend SmartStream’s professional approach and support throughout the project. The onboarding process was seamless, and SmartStream’s Solution Delivery team managed a streamlined implementation period remotely. Their meticulous planning, clear communication, and proactive coordination ensured each step of the onboarding journey was executed with precision and efficiency.”

Radha Pillay, Regional Director APAC, SmartStream, said, “We are thrilled to partner with AYA Bank, a forward-thinking institution committed to innovation and customer service excellence. We understood AYA Bank’s specific operational requirements and onboarded them to our TLM OnDemand Digital Payments Control service within the agreed time and budget. Our solution leverages an advanced reconciliation engine that automates transaction validation and replaces manual interventions with an automated exception management process. This ensures the prompt resolution of discrepancies, enhancing overall operational efficiency and future-proofing the bank with high levels of automation, enhanced risk controls, improved customer satisfaction and better scalability.”

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