EastNets, a leading payment and security solutions provider for the Middle East’s government and financial institutions, has announced that it has recently signed an exclusive deal with Dubai Islamic Bank (DIB) to provide reconciliation software that confirms the validity of day-to-day financial transactions.
The solution, part of Check Free/Accurate range, provides a platform to improve a financial organisation's reconciliation process by scrutinising the accuracy of information and automating operational flows across the transactional life cycle.
The inclusion of settlement controls such as reconciliation into DIB's risk management structure is predicted to generate considerable dividends, such as improved Straight Through Processing (STP) rates, reduced exposure to risks and minimised internal losses by preventing potential liabilities from becoming actual. The reconciliation software also contributes to faster identification of information exceptions, helping to identify errors, standardise data, improve clearance rates and reduce processing times.
"Risk management policies within an organisation can only be as good as the data on which they are based and with the spotlight on operational risk and business efficiency, firms are taking a hard look at their processes, particularly reconciliation. EastNets' solution helps DIB to be recognised as one of the most advanced financial institutions in the Middle East by offering a robust infrastructure that reduces liability, identifies exceptions and helps to eliminate risks," said Hazem Mulhim, Chief Executive Officer, EastNets.
Since the recent implementation of the software, the IT department of DIB has already received an award praising the enhanced security and banking processes within its operations. DIB is the first Islamic Bank in the world and considered a driving force for change in the banking industry.
"DIB is committed to managing transactional risk by making supplementary investment in sophisticated software and cutting-edge technology to combat the evolving operational risks arising within the international finance industry. DIB is now possibly one of the most efficient banks in the Middle East, offering our customers efficiency in processing their financial data," said Haroun Dharsey, Vice President, Head Projects and Processes, Dubai Islamic Bank.