Egyptian firm The United Bank has selected SmartStream Technologies’s TLM Corona to automate its back office processes.
The United Bank was formed in June 2006 as a state-owned entity during financial reforms in Egypt and has since acquired three banks: the United Bank of Egypt, the Islamic International Bank for Investment and Development, and the Nile Bank. The bank had been reconciling transactions manually but recognised the need to reduce its operational risk and costs through automation. Further, with its transaction volumes continuing to rise, the bank required a single solution that would scale to meet its future processing needs.
After completing a solution analysis, The United Bank selected TLM Corona, through SmartStream’s local partner Intercom, to reconcile its cash, ATM and credit card transactions. A decisive factor in selecting TLM Corona was its ability to provide reconciliations across multiple transaction types within a single solution.
Mohamed Mostafa, chief information officer at The United Bank, said: “TLM Corona will provide us with a single reconciliations and investigations platform, automating the processing of all cash, ATM and credit card transactions to reduce our operational risk that was present in a manual environment. Automation will also significantly reduce the cost of processing these transactions while helping to deliver enhanced customer service.”
A report by broking group Marsh examines the repercussions from the administration of the South Korean company, which filed for bankruptcy protection at the end of August.
Global research by C2FO suggests that smaller businesses are less concerned with the repercussions of Brexit and the upcoming US presidential election.
A squeeze on skilled talent means it now takes an average of seven weeks to fill open permanent roles in finance in the UK according to new research from financial services recruitment firm Robert Half.
Early-stage merger and acquisition deals in Asia-Pacific show nearly 10% year-on-year growth in recent months.