Headquartered in the UAE Emirate of Ajman, the bank is a leading provider of a diverse range of Islamic banking products and services to financial advisers, stockbrokers, mortgage brokers, professional service industries and the end consumer. SmartStream’s Corona solution is being used across Ajman Bank’s cash and card operations to replace existing excel-based reconciliations processes. It will provide the bank with new levels of visibility and control over its transaction processing; facilitating regulatory compliance, fraud detection, high straight through processing and improved customer service.

A signing ceremony was held at Ajman Bank Headquarters in Ajman on November 25. The ceremony was attended by Mr. Mohamed Amiri, CEO of Ajman Bank and Mr. Christian Schiebl; they were accompanied by Mr. Hisham Hammoud, COO of Ajman Bank and the higher management of Ajman Bank and SmartStream.

Mr. Hisham Hammoud, Executive Vice President - Chief Operating Officer Ajman Bank, said: “Ajman Bank prides itself on using cutting edge technology to further improve the operational system and provide the highest level of customer service. The implementation of this new fully automated solution will enable us to better manage exceptions and monitor fraudulent activity. This is an important step for us and its part of our strategy that is aiming to provide innovative Islamic banking solutions and comprehensive services that meet our customer’s needs and lifestyles.

Mr. Hammoud added: "Ajman Bank invests in an ongoing stream of market research and analysis of business as well as customer services trends allowing us to better understand our customer needs and further improve ourbusiness. High end technology now is an essential and indispensable tool at this time. We hope that our efforts will help enhance the customer experience whilst allowing us to maintain a deeper and more interactive relationship with our stakeholders and customers by using the latest technology available to us".

“As experts serving the banking sector solutions and services for more than six years, we are very excited with the massive savings and operational excellence that SmartStream’s Corona can add to our business and customers. Today’s highly regulated business environment demands real-time operational and financial control. So we have the ability to understand the end-to-end transaction flowing through our organisation via interactive dashboards. SmartStream´s drive for innovation gives us a genuine edge over our competition.”

Christian Schiebl, Executive Vice President at SmartStream, commented: “Ajman Bank has some very ambitious growth and customer service objectives, as well as very strong financial and operational control processes. We are delighted that Corona has been selected as part of the bank’s strategy. Whilst we have been providing cash reconciliations to banks across the globe for over 30 years, we are seeing increased interest in reconciliations solutions for alternative payment channels and are excited that we have another customer using Corona in this area. Ajman Bank’s decision to implement Corona is further evidence that SmartStream is now firmly established as the reconciliations vendor of choice across the UAE and other parts of the MENA region.”

Corona is a SWIFT-certified, modular application that addresses the reconciliation and exception management needs of institutions of all sizes. It provides greater transaction management control whilst its out-of-the-box functionality enables firms to significantly reduce their time to market.