UAE#s Ajman Bank adopts SmartStreams Corona

Stocks and Financial Services Press Releases Thursday November 27, 2014 09:29
--27 Nov--Asian Banker

SmartStream Technologies, the Transaction Lifecycle Management (TLM) specialist, today announced that Ajman Bank, the award-winning Islamic financial services institution, has implemented SmartStream’s Corona solution to improve its operations and provide a better quality of services to its customers.

Headquartered in the UAE Emirate of Ajman, the bank is a leading provider of a diverse range of Islamic banking products and services to financial advisers, stockbrokers, mortgage brokers, professional service industries and the end consumer. SmartStream’s Corona solution is being used across Ajman Bank’s cash and card operations to replace existing excel-based reconciliations processes. It will provide the bank with new levels of visibility and control over its transaction processing; facilitating regulatory compliance, fraud detection, high straight through processing and improved customer service.

A signing ceremony was held at Ajman Bank Headquarters in Ajman on November 25. The ceremony was attended by Mr. Mohamed Amiri, CEO of Ajman Bank and Mr. Christian Schiebl; they were accompanied by Mr. Hisham Hammoud, COO of Ajman Bank and the higher management of Ajman Bank and SmartStream.

Mr. Hisham Hammoud, Executive Vice President - Chief Operating Officer Ajman Bank, said: “Ajman Bank prides itself on using cutting edge technology to further improve the operational system and provide the highest level of customer service. The implementation of this new fully automated solution will enable us to better manage exceptions and monitor fraudulent activity. This is an important step for us and its part of our strategy that is aiming to provide innovative Islamic banking solutions and comprehensive services that meet our customer’s needs and lifestyles.

Mr. Hammoud added: "Ajman Bank invests in an ongoing stream of market research and analysis of business as well as customer services trends allowing us to better understand our customer needs and further improve ourbusiness. High end technology now is an essential and indispensable tool at this time. We hope that our efforts will help enhance the customer experience whilst allowing us to maintain a deeper and more interactive relationship with our stakeholders and customers by using the latest technology available to us".

“As experts serving the banking sector solutions and services for more than six years, we are very excited with the massive savings and operational excellence that SmartStream’s Corona can add to our business and customers. Today’s highly regulated business environment demands real-time operational and financial control. So we have the ability to understand the end-to-end transaction flowing through our organisation via interactive dashboards. SmartStream´s drive for innovation gives us a genuine edge over our competition.”

Christian Schiebl, Executive Vice President at SmartStream, commented: “Ajman Bank has some very ambitious growth and customer service objectives, as well as very strong financial and operational control processes. We are delighted that Corona has been selected as part of the bank’s strategy. Whilst we have been providing cash reconciliations to banks across the globe for over 30 years, we are seeing increased interest in reconciliations solutions for alternative payment channels and are excited that we have another customer using Corona in this area. Ajman Bank’s decision to implement Corona is further evidence that SmartStream is now firmly established as the reconciliations vendor of choice across the UAE and other parts of the MENA region.”

Corona is a SWIFT-certified, modular application that addresses the reconciliation and exception management needs of institutions of all sizes. It provides greater transaction management control whilst its out-of-the-box functionality enables firms to significantly reduce their time to market.

Comments should be submitted on or before 23 February 2015. (Nov 27, 2014 )--

Latest Press Release

FSS Launches a Risk-Based Authentication Solution to Bolster Security For Digital Transactions

FSS (Financial Software and Systems), a global payments technology company, has launched FSS Secure3D, its new-generation adaptive authentication solution based on the EMVCo 3DS 2.0 protocol. Globally, across regions, banks need to implement 3DS2.0...

PwC: Assets under management in Asia Pacific to rise to USD29.6 trillion by 2025, faster than any other region

The Asia Pacific (APAC) asset and wealth management industry is expected to be the centre for global Assets under management (AuM) growth in the coming years. According to the PwC report 'Asset and Wealth Management 2025: The Asia Awakening', APAC AuM...

OnMiners Mining Rigs Offering Market#s Fastest ROI

OnMiners S.A ( is quickly making a strong impact in the crypto mining industry by offering the market's fastest return on investment. The company recently hit the headlines by introducing three multi-algorithm mining rigs that...

The Mall Groups Department Stores partner with SCB to offer sizzling promotions with a chance to win RIMOWA luggage

The Mall, Emporium, EmQuartier and Paragon Department Stores joined forces with SCB to hold "Made in Summer" campaign from today to 17 April 2019 to delight shoppers with superb promotions: shop to receive coupons with up to 40% discount; a chance to win...

Bangkok Bank InnoHub Season 2 showcases innovative technologies from eight finalists at Demo Day 2019

Bangkok Bank InnoHub, the first global FinTech accelerator in Thailand, has showcased innovations and real-use cases from the program's eight finalists to the public, potential investors and others in Thailand's innovation ecosystem on Demo Day. The...

Related Topics