Dubai Bank has implemented SmartStream's TLM Corona to deliver more efficient nostro and central bank account reconciliations.
Dubai Bank implemented the Cash and Investigations as the first modules of its new reconciliations factory, which will eventually act as a single transaction processing platform across the bank’s business.
The solution is currently processing nostro and central bank transactions, with plans in place to introduce the new reconciliation types over the next 12 months, said SmartStream.
This enterprise-wide approach provides a single platform that can be expanded in the future, in a modular way, to include all of the bank’s reconciliation requirements.
Dubai Bank chief information officer Faizal Eledath said the decision to use SmartStream was based on its strong reputation for its reconciliations products and its ability to deliver proven software to a large and diverse range of clients.
"Furthermore, it also offered local reference visits to see the solution in a live business environment and local support through the office in Dubai, which was important to us.
"With TLM Corona now live we are seeing significant improvements in our transaction processing, with a higher volume of reconciliations taking less than half the time they used to in the manual environment. Loading transactions has also been cut from around two hours to just 15 minutes, while the number of staff required to manage the entire process has been reduced by half," Eledath concluded.