SmartStream Technologies, the financial Transaction Lifecycle Management specialist, today announced that Egyptian firm The United Bank has selected TLM Corona to automate its back office processes.
The United Bank was formed in June 2006 as a state-owned entity during financial reforms in Egypt and has since acquired three banks; the United Bank of Egypt, the Islamic International Bank for Investment and Development, and the Nile Bank. The bank had been reconciling transactions manually but recognised the need to reduce its operational risk and costs through automation. Further, with its transaction volumes continuing to rise, the bank required a single solution that would scale to meet its future processing needs.
After completing a solution analysis, The United Bank selected TLM Corona, through SmartStream’s local partner Intercom, to reconcile its cash, ATM and credit card transactions. A decisive factor in selecting TLM Corona was its ability to provide reconciliations across multiple transaction types within a single solution.
Mr. Mohamed Mostafa, Chief Information Officer at The United Bank, commented: “TLM Corona will provide us with a single reconciliations and investigations platform, automating the processing of all cash, ATM and credit card transactions to reduce our operational risk that was present in a manual environment. Automation will also significantly reduce the cost of processing these transactions while helping to deliver enhanced customer service.”
Christian Schiebl, Executive Vice President at SmartStream Technologies, said: “We’re delighted that The United Bank has chosen TLM Corona to create an enterprise-wide reconciliations platform. Its decision shows TLM Corona’s strengths in providing a strategic and flexible solution that will allow the institution to reduce costs and operational risks while also providing the scalability to manage its predicted volume growth.”