SmartStream signs Jumhouria Bank of Libya

SmartStream signs Jumhouria Bank of Libya
04.07.2018 06:05 pm

SmartStream signs Jumhouria Bank of Libya

Transaction Banking , Reconciliation

SmartStream Technologies, the financial Transaction Lifecycle Management (TLM®) solutions provider, today announced Jumhouria Bank, the largest bank and branch network in Libya, has signed a deal forSmartStream’s Corona solution for the delivery of intra-day reconciliations management across cash, cards, branch, central bank and payment transactions.

The need for a solution developed after the merger of Jumhouria Bank and Umma Bank – together both banks operate the largest nationwide network of 170 branches - the challenge being to standardise reconciliations procedures across the bank. Modules of SmartStream’s Corona solution will be deployed in a phased approach to deliver real-time operational control, ensuring greater visibility into cash, card, branch, central bank and payment transactions.

Mr. Nouri Ali Mohamed Aboflega, Deputy General Manager, Jumhouria Bank: “Our priority is always to further improve technology, to be more responsive to customers, to remain agile and be innovative, to make banking better for our customers. We were looking for a reconciliation solution that can raise automation of the back-office in excess of 80% rates – we are confident that the Corona solution will enable us to achieve this”.

He continues: “By working with the leading company we show that Jumhouria Bank provides the highest level of compliance and risk management to our clients and business partners. We are looking forward to working with the SmartStream team for this and future projects”.

Haytham Kaddoura, CEO, SmartStream, states: “We are delighted to be working with the largest and leading bank in the region. By deploying modules of our Corona solution across multiple business lines, our goal will be to manage and mitigate risk and lower processing costs, whilst providing a full lifecycle of cash and card transactions. We are very much looking forward to our strong partnership with Jumhouria Bank and working with the different areas of the business”.

Related News

Yolt links up with Anorak to provide impartial life insurance advice for users

Yolt, the smart thinking money app, has announced its latest partnership with smart independent life insurance adviser, ... Read more »

SmartStream further expands presence in Asia with new Chinese partner TGT Chibo Data Service

SmartStream Technologies, the financial Transaction Lifecycle Management (TLM®) solutions provider, today announced the appointment of TGT Chibo Data Service, one of the... Read more »

Token.io is the first PISP for all CMA9 Banks

Turnkey open banking platform provider, Token.io Limited, today announces it is the first Payment Initiation Service Provider (PISP) to conduct an end-to-end payment with... Read more »

BNP Paribas Asset Management selects Link Asset Services as debt servicer for new SME Alternative Financing platform

BNP Paribas Asset Management (BNPP AM) has appointed Link Asset Services as the debt servicer for its new SME Alternative Financing platform.

The SME Alternative... Read more »

EMA’s : Launch & First Contracts

Australian Securities and Frankfurt Stock Exchange cross listed iSignthis Ltd (ASX: ISX | FRA_DE: TA8), the global leader in RegTech for identity verification and transactional... Read more »

Temenos

AI-based Safety to Battle Fraud

Temenos (SIX:TEMN), the banking software company, today expanded its leading financial crime mitigation product to include an AI-based Suspicious Activity Prevention solution... Read more »

Magazine
ALL
Free Newsletter Sign-up
+44 (0) 208 819 32 53 +44 (0) 173 261 71 47
Download Our Mobile App