Libyan lender Jumhouria Bank has entered into an agreement to utilise SmartStream Technologies’ Corona solution to drive intra-day reconciliations management across all segments.

Following the completion of the merger with Umma Bank, Jumhouria Bank is currently operating 170 branches across the country and facing significant challenges in standardising reconciliations procedures.

To be deployed in phases, the implementation of the Corona solution will provide real-time operational control to the bank offering better visibility into cash, card, branch, central bank and payment transactions.

SmartStream CEO Haytham Kaddoura said: “By deploying modules of our Corona solution across multiple business lines, our goal will be to manage and mitigate risk and lower processing costs, whilst providing a full lifecycle of cash and card transactions.”

Jumhouria Bank deputy general manager Nouri Ali Mohamed Aboflega said: “Our priority is always to further improve technology, to be more responsive to customers, to remain agile and be innovative, to make banking better for our customers.

“We were looking for a reconciliation solution that can raise automation of the back-office in excess of 80% rates – we are confident that the Corona solution will enable us to achieve this.”

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A global software and managed services provider, SmartStream is said to have a customer base of around 1,500 including banks, asset managers, custodians and broker dealers.