Islamic financial services institution Ajman Bank has implemented SmartStream’s Corona solution.
Headquartered in the UAE Emirate of Ajman, the bank provides a range of Islamic banking products and services to financial advisers, stockbrokers, mortgage brokers, professional service industries and the end consumer.
Corona is being used across Ajman Bank’s cash and card operations to replace existing excel-based reconciliations processes.
It will provide the bank with new levels of visibility and control over its transaction processing; facilitating regulatory compliance, fraud detection, high straight through processing and improved customer service.
A signing ceremony was held at Ajman Bank Headquarters in Ajman on 25 November.
The ceremony was attended by CEO of Ajman Bank, Mohamed Amiri, COO of Ajman Bank, Hisham Hammoud, and the higher management of Ajman Bank and SmartStream.
Hammoud said: “The implementation of this new fully automated solution will enable us to better manage exceptions and monitor fraudulent activity.”
“This is an important step for us and its part of our strategy that is aiming to provide innovative Islamic banking solutions and comprehensive services that meet our customer’s needs and lifestyles.”
Christian Schiebl, executive vice president at SmartStream, commented: “Ajman Bank has some very ambitious growth and customer service objectives, as well as very strong financial and operational control processes.”
“Ajman Bank’s decision to implement Corona is further evidence that SmartStream is now firmly established as the reconciliations vendor of choice across the UAE and other parts of the [Middle East and North Africa] region.”
