Smartstream deploys AI reconciliation platform at NBG Cyprus

By Parth Prabhudesai

Smartstream has announced the successful deployment of its AI-enabled reconciliation platform Air at National Bank of Greece Cyprus, marking a major step in the bank’s operational automation and reconciliation modernisation efforts.

NBG Cyprus has implemented Air’s Cash module to replace and consolidate four separate reconciliation systems used for Instant, Cash, SEPA and Nostro reconciliations into a single platform. The bank said the move is expected to reduce manual processing workloads and simplify operations across multiple data formats.

Prior to the deployment, the bank managed reconciliations through fragmented systems that required significant daily manual intervention despite relatively manageable transaction volumes.

Following a market review, NBG Cyprus selected Smartstream’s Air platform for its AI-enabled automation capabilities and self-service operating model, which the bank believes will help improve operational efficiency while making better use of internal resources.

The platform also enables reconciliation groups, allowing multiple transactions to be matched simultaneously rather than processed individually. Smartstream said the system is designed to proactively identify data quality issues across both internal systems and incoming bank statements.

Andreas Anatolitis, Head of Accounting Department, Financial and Accounting Division at NBG Cyprus, said the platform was selected for its efficiency and flexibility.

“After conducting a thorough review of the market, we selected Air because of its ability to deliver real efficiency gains and Smartstream’s ability to tailor the solution to our specific technical requirements,” Anatolitis said.

Robin Hasson, Product Manager at Smartstream, said the deployment gives the bank improved control over reconciliation data while supporting strict security requirements through automated encrypted file transfer capabilities.

The deployment reflects growing demand among financial institutions for AI-driven operational tools that streamline reconciliation, improve data visibility and reduce manual processing complexity.