Noor Islamic Bank deploys SunGard reconciliation and exception management technology

Source: SunGard

Noor Islamic Bank PJSC (NIB), a leading Islamic bank in the United Arab Emirates, has deployed SunGard's Ambit Reconciliation & Exception Management solution to support its volume growth.

Ambit Reconciliation and Exception Management will help Noor Islamic Bank to meet its growing volume requirements by automating the matching and reconciliation process across its cash nostro and cards business. It will also help the bank's financial decision-making capabilities by providing accurate reconciled data for cash flow products across its operations. The added transparency into its operations and improved process efficiency, as well as the scalability of the Ambit solution, will help Noor Islamic Bank to increase its competitive advantage in the region.

Jan Kirchhoff, chief information officer of Noor Islamic Bank, commented, "Our previous reconciliation system placed limitations on our ability to grow. SunGard is a recognized leader in reconciliation solutions, and with Ambit Reconciliation & Exception Management solution we are now able to reconcile data accurately and efficiently and keep up with our growing volumes. Noor Islamic Bank sees SunGard Ambit as a partner, rather than a vendor, that will help us to maintain our competitive edge."

Dave Barrett, chief operating officer of SunGard's Ambit Corporate Banking business unit, said, "Efficient reconciliation and exception management is becoming increasingly important as banks look to expand their operations. The biggest challenge is not market opportunity but rather their existing technology systems placing limitations on their ability to expand. Banks like Noor Islamic Bank can rely on SunGard's Ambit to help improve their ability to serve customers, support growing volumes and increase efficiencies and transparency in operations. "

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