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Zenith Bank implements SmartStream’s reconciliation solution

By BusinessNews Staff on March 30, 2014

Zenith Bank of Nigeria Plc has successfully implemented SmartStream’s Corona TLM reconciliation solution.

This is expected to help the bank eliminate manual errors, secure timely completion of transaction, centralise all reconciliation process in one single system, focus more on exceptions management and operational risk, and attain high processing efficiency.

The process of selecting the solution, according to ActivEdge Technologies (a partner in the project) was very rigorous and had to be done in multiple stages with some weak vendors pulling out because of tough operational processing and transaction types that had to be reconciled through the system.

With this successful implementation, Zenith Bank has now joined the league of over 2000 leading banks globally who are users of Corona TLM reconciliation and exceptions management solution, it explained.

The solution from SmartStream covers a complete lifecycle of transaction and is able to support multiple cycles of matching of ATM/PoS and other switch based transaction in real time ensuring that customers who have challenges like ATM dispense errors can have the anomaly immediately corrected.

Commenting on the project, the Chief Executive Officer, ActivEdge Technologies (distributor and local implementation partners of SmartStream), Mr. George Agu, observed that at this crucial time when banks were working with lower margin, more regulatory pressure and high complexity, there is high demand for efficiency in back office operations.

The project manager of Zenith Bank, Mr. Richard Okafor, also observed that everyone wanted to be part of a success and went further to thank the team from ActivEdge Technologies, SmartStream and his colleague for the extra effort that they have put in to achieve such a great result.

[Punch]

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