LONDON--(BUSINESS WIRE/AETOSWire)-- SmartStream Technologies, the financial Transaction LifecycleManagement (TLM®) solutions provider, today announced JumhouriaBank, the largest bank and branch network in Libya, has signed a deal forSmartStream’s Corona solution for the delivery of intra-day reconciliationsmanagement across cash, cards, branch, central bank and payment transactions.
The need for a solution developedafter the merger of Jumhouria Bank and Umma Bank – together both banks operatethe largest nationwide network of 170 branches - the challenge being tostandardise reconciliations procedures across the bank. Modules ofSmartStream’s Corona solution will be deployed in a phased approach to deliverreal-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 furtherimprove technology, to be more responsive to customers, to remain agile and beinnovative, to make banking better for our customers. We were looking for areconciliation solution that can raise automation of the back-office in excessof 80% rates – we are confident that the Corona solution will enable us toachieve this”.
He continues: “By working with theleading company we show that Jumhouria Bank provides the highest level ofcompliance and risk management to our clients and business partners. We arelooking forward to working with the SmartStream team for this and futureprojects”.
Haytham Kaddoura, CEO, SmartStream,states: “We are delighted to be working with the largest and leading bank inthe region. By deploying modules of our Corona solution across multiplebusiness lines, our goal will be to manage and mitigate risk and lowerprocessing costs, whilst providing a full lifecycle of cash and cardtransactions. We are very much looking forward to our strong partnership withJumhouria Bank and working with the different areas of the business”.