SmartStream Technologies, the Transaction Lifecycle Management specialist, today announced that Marfin Popular Bank, one of the largest banks in Cyprus, has selected TLM Corona as its enterprise reconciliation platform.

Having experienced substantial growth in transaction volumes over the last few years Marfin Popular Bank wanted to transform its operations to cope with current and future processing demands. Additionally the bank wanted to sustain its position as one of the key players in the market by implementing state-of-art technology.

Marfin Popular Bank, an existing SmartStream Corona Cash user at its head office in Nicosia, has selected TLM Corona to increase the level of automation in its operations whilst significantly reducing operational risk and cost. The bank will use TLM Corona as its enterprise reconciliation platform using the solutions’ CashConfirmations, Investigations and Active modules.

Using TLM Corona Confirmations will enable Marfin to automatically match its confirmations messages in real-time for FX, derivatives and Money Market trades. TLM Corona’s integrated investigations capability and its real-time activity monitoring tool, Corona Active, supports more proactive operations and helps to further reduce operational risk.

Costas Hadjiefthyvoulou, Head of Operations, Marfin Popular Bank, commented: “As a longstanding Corona customer we have bought into the vision of SmartStream’s Transaction Lifecycle Management approach and selected TLM Corona as our enterprise reconciliations platform. As a result we can more effectively process the higher transaction volumes we have experienced while also having the flexibility to extend the solution with additional functionality to support our future growth plans.”

Christian Schiebl, Regional Director EMEA, SmartStream Technologies, added: “We are delighted that Marfin Popular Bank has selected SmartStream as their technology partner to support their back office operations. By implementing our TLM Corona solution Marfin can manage higher volumes more effectively, while helping to improve their operational control, reduce costs and minimise operational risk. The project also demonstrates the growing demand from Southern Europe where we see expanding markets, greater use of complex instruments and increased volumes that require innovative approaches to overcome operational challenges.”