National Bank of Kuwait creates reconciliation utility with SmartStream’s TLM Corona

3 June 2009

SmartStream Technologies, the financial Transaction Lifecycle Management specialist, today announced that National Bank of Kuwait (NBK) has implemented TLM Corona to deliver more efficient cash reconciliations and investigations.

NBK, awarded Best Bank in Kuwait and the Middle East 2008 by Euromoney, is a highly successful organisation with total assets standing at $42.3 billion. The bank wanted to replace its old mainframe-based reconciliations system with a centralised reconciliation utility, powered by a more flexible and extensible solution that could support its growth plans.

After examining potential replacements, NBK selected TLM Corona to power its utility, implementing Corona’s Cash, Universal Data and Investigations modules to form the basis of its new solution. This centralised approach provides the bank with greater consistency and control across its reconciliation processes. TLM Corona’s thin client user interface, TLM WebConnect enables NBK to monitor and manage transactions in real time while also supporting more efficient operations through its zero footprint, zero download deployment model.

Dr. Fadi Chehayeb, CIO, National Bank of Kuwait, said: “It became apparent as our operations grew that we needed a solution that supported higher reconciliation volumes and one that delivered greater transparency into those transactions. SmartStream has a strong reputation for its reconciliations products and its ability to deliver proven software. Moving forward, SmartStream can also offer local support through its office in Dubai, which will be important. We have successfully gone live with TLM Corona for our cash reconciliations, replacing our existing Scannor system and we are already seeing significant improvements in our auto matching.”

Christian Schiebl, Executive Vice President, SmartStream Technologies, commented: “We’re delighted that NBK has selected TLM Corona as their reconciliations solution. Our pedigree, serving 75 of the world’s top 100 banks, was an important factor in NBK choosing to partner with SmartStream. However, it was also important that we could demonstrate that the solution worked for the local market and matched NBK’s needs for greater transaction automation to reduce cost and risk. I look forward to us working with NBK as they continue to roll out TLM Corona to their users.”

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