Dubai Islamic Bank has instituted centralised reconciliation technology from Fiserv's CheckFree unit in an effort to address transaction volume growth and mitigate operational and compliance risk exposure.Following rapid growth, the bank has moved to consolidate all reconciliation and exception management activity in Dubai at a "centre of excellence" using the CheckFree system.
The vendor says the technology was deployed within 90 days and claims Dubai Islamic Bank has already seen significant improvements in productivity and potential risk mitigation.
Transaction processing has been made more efficient whilst transparency and visibility have been improved, says Fiserv, resulting in higher levels of customer service through prompt enquiry resolution.
The bank has now expanded the CheckFree system to include 15 different reconciliation types across various asset classes.
"Dubai Islamic Bank sought to eliminate its disparate reconciliation and exception management systems and processes by consolidating all activity onto a single processing hub," says Elizabeth Elkins, general manager, operational risk management, Fiserv. "We delivered a sophisticated solution that was rapidly implemented and demonstrated the agility to accommodate the bank's growing reconciliation and reporting requirements."
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