Jumhouria Bank, the largest bank and branch network in Libya, has partnered with SmartStream Technologies.
The bank has partnered with the financial Transaction Lifecycle Management (TLM) solutions provider for its Corona solution, which delivers intra-day reconciliations management across cash, cards, branch, central bank and payment transactions.
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 said: “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.
“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”.
Earlier this year, Deutsche Bank selected SmartStream Technologies to streamline, simplify and reduce the costs of its reconciliations environment. With the growth in volume of reconciliations, the processing of large quantities of data has become complex according to Deutsche Bank.
To help, it has selected SmartStream Technologies’ Centre of Excellence (CoE) to provide an off-site operations platform. Under the deal, SmartStream will provide Deutsche with three distinct managed services: reconciliations on-boarding, production support and operational reconciliation services.
The SmartStream Reference Data Utility (RDU) also recently launched a Systematic Internaliser (SI) Registry to fill an important gap in the MiFID II regulatory framework.
It has launched the registry in collaboration with a group of Approved Publication Arrangements (APAs) including Bloomberg, Deutsche Boerse, NEX Regulatory Reporting, TRADEcho, Tradeweb and Trax.
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
