SmartStream, the financial Transaction Lifecycle Management specialist, today announced that Dubai Bank has implemented TLM Corona to deliver more efficient nostro and central bank account reconciliations.
Since its launch in September 2002, Dubai Bank has grown rapidly throughout the Middle East, introducing unique products and services to the market. As a result of this expansion and the need to manage higher volumes, the bank required greater automation within its back office. However, it was also critical that any new solution offered the flexibility to evolve into an enterprise-wide platform supporting multiple reconciliation types.
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 at Dubai Bank, commented: "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. The decision to use SmartStream was based on its strong reputation for its reconciliations products and its ability to deliver proven software to a large and diverse range of clients. Furthermore, it also offered local reference visits to see the solution in a live business environment and local support through the office in Dubai, which was important to us.
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."
Christian Schiebl, Executive Vice President, SmartStream, added: "We're delighted that Dubai Bank selected TLM Corona as their reconciliations solution and since its introduction has witnessed significant benefits to its business. Our pedigree, with TLM Corona being used by more than 40 institutions in the region, was a critical factor in Dubai Bank choosing to partner with SmartStream. However, it was also important that we could demonstrate that the solution matched the bank's exact need for transaction automation to improve efficiency, while reducing cost and risk. I look forward to us working with Dubai Bank as they continue to roll out TLM Corona and migrate new reconciliation types onto the solution."