SmartStream Technologies, the Transaction Lifecycle Management specialist, today announced that Ivobank, a new UK-regulated internet bank, has gone live on TLM Reconciliations.

Ivobank is a new online bank, based in London, specialising in payments and money transfer services for businesses and customers. Ivobank represents an alternative to the current payment providers and combines the simple, fast and cost effective service of an online payments company with all the benefits, peace of mind, security and privacy of a UK-licensed bank.

In order to launch, the bank needed a solution to reconcile cash entries on its General Ledger against the settlement bank account and the corresponding payment agent. Ivobank chose TLM Reconciliations to ensure it had sufficient flexibility and scalability to grow as the business transacted new currencies and volumes increased.

Alex Daly, Finance Director, Ivobank, said: “We recognised that efficient reconciliation processes would be critical to delivering an effective and customer-centric operation. The decision to choose TLM was simple as we knew we would get proven, best-of-breed technology that would meet our plans for the bank. TLM delivers a robust design and provides us with exactly what we needed today, with the peace of mind to know our operations can scale with our ambitions.”

Philippe Chambadal, CEO at SmartStream, commented: “I’m delighted Ivobank selected SmartStream to create a reconciliations platform using TLM Reconciliations and has since successfully gone live. Standing out in the highly competitive retail banking market requires offering something different and giving customers the best possible service. Choosing the market-leading reconciliations software means Ivobank can deliver the scalability required to keep pace with their volume growth. I look forward to working with them as Ivobank continues their successful roll out across new geographies and offers new services to customers.”