Dubai Bank has implemented the TLM Corona Cash and Investigations software module from SmartStream to give it a more efficient nostro and central bank account reconciliation system. The solution is expected to provide greater capacity and automation as it replaces a manual system, so transaction loading times will fall from two hours to just minutes and staff numbers will fall by 50%.

The TLM installation is the first phrase in an enterprise-wide project to introduce a single platform for multiple reconciliation types by year end at Dubai Bank. A new reconciliations factory will eventually act as a single transaction processing platform across all of the bank's business.  Ultimately, Dubai Bank will have a clear upstream and downstream view of the entire transaction process, and anything that does not automatically match - thereby presenting a risk to the bank and its clients - can be flagged up for separate investigation under the exceptions-handling procedure. The modular infrastructure also allows for expansion and future-proofing against new market developments.

"With the growth of Dubai Bank it was clear that we could not continue to use manual processes for reconciling transactions," says Faizal Eledath, chief information officer at Dubai Bank, when commenting on the rationale behind the installation. "We required a solution that met an immediate need but that could also support higher reconciliation volumes and delivered greater transparency into those transactions. The decision to use SmartStream was based on its reputation for reconciliation products and its ability to deliver proven software to a large and diverse range of clients. Furthermore, it also offered local reference visits to see the solution in a live business environment and local support through the office in Dubai, which was important to us."