Jumhouria Bank of Libya selects SmartStream for real-time control
Libya’s Jumhouria Bank has signed a deal with SmartStream Technologies, a financial transaction lifecycle management solutions provider, for the delivery of intra-day reconciliations management across cash, cards, branch, central bank and payment transactions.
Jumhouria, the largest bank and branch network in Libya, will use SmartStream’s Corona solution.
According to SmartStream, 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.
Nouri Ali Mohamed Aboflega, deputy general manager, Jumhouria Bank, says: “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.”
Haytham Kaddoura, CEO, SmartStream, adds: “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.”
