Jumhouria Bank has gone live on SmartStream’s solution for the reconciliations of cash payments.
This marks the first of a two-phase implementation to consolidate and automate the reconciliation process across the Libya-based bank’s 170 branches to deliver real-time operational control.
The SmartStream reconciliations solution is being rolled out to replace manual processes across Jumhouria Bank, and it is set to ensure greater visibility into cash, card, branch, central bank and payment transactions.
Additionally, it will provide the bank with new levels of automation and control over its transaction processing; facilitating regulatory compliance, straight-through processing and improved customer service.
Nouri Ali Mohamed Aboflega, deputy general manager, Jumhouria Bank, commented: “Through continuous investment in technology we aim to provide the highest level of service to our customers.”
He continued: “The first phase of the project is an important step for us and we are extremely pleased with the initial results. We look forward to leveraging SmartStream’s industry expertise in reconciliations as we continue to add more value to our business.”
Roland Brandli, product manager at SmartStream, said: “The first phase implementation has not only reconciled a huge amount of historical data but it has completely transformed their process, ensuring that everything is processed correctly and exceptions are followed up on a daily basis.”
“Jumhouria’s decision to implement our solution is further evidence that SmartStream is now firmly established as the reconciliations vendor of choice across the Middle East and North Africa region,” Brandli added.
