Dubai Bank has implemented SmartStream’s TLM Corona to deliver more efficient nostro and central bank account reconciliations. After examining potential solutions, Dubai Bank selected TLM Corona, implementing 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.
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. This ensures Dubai Bank will gain a single investigations layer that allows clear upstream and downstream view of the transaction process, for any that do not automatically match and represent a risk to the bank and its clients.
Faizal Eledath, chief information officer (CIO) at Dubai Bank, said: “With the expansion of Dubai Bank it was clear that we could not continue to use manual processes for reconciling transactions. We required a solution that met an immediate need but that could also support higher reconciliation volumes and delivered greater transparency into those transactions. 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.”
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