Jumhouria Bank goes live on SmartStream cash reconciliation system
Libya’s Jumhouria Bank has successfully gone live on SmartStream’s solution for the reconciliation of cash payments.
The bank, which claims to be the largest in its home country, originally selected the SmartStream system back in July 2018.
The go-live is the first in a two-stage deployment which will see the bank consolidate its reconciliation process across more than 170 branches.
SmartStream’s reconciliations solution is being rolled out to replace manual processes across Jumhouria Bank.
The vendor reckons the new system will provide the bank with “new levels of automation and control” over its transaction processing.
“Through continuous investment in technology we aim to provide the highest level of service to our customers,” says Nouri Ali Mohamed Aboflega, deputy general manager at Jumhouria Bank.
“The first phase of the project is an important step for us, and we are extremely pleased with the initial results.”
According to Roland Brandli, product manager at SmartStream, the first phase implementation has “reconciled a huge amount of historical data” and “completely transformed [the bank’s] processes.”
SmartStream announced a partnership with Union Systems in November 2019, in a deal which sees the firm’s transaction lifecycle management systems offered alongside Union System’s existing products in 19 African countries.