15.5 C
London
Sunday, May 26, 2024
HomeAIAYA Bank taps SmartStream for transaction lifecycle management solution

AYA Bank taps SmartStream for transaction lifecycle management solution

Date:

  • Partnership Overview: AYA Bank, the second-largest bank in Myanmar, selects SmartStream’s digital payments platform for transaction lifecycle management (TLM) to manage a surge in transaction volumes.
  • Product Deployment: AYA Bank deploys SmartStream’s TLM Reconciliations Premium Digital Payments Control product, delivered via Software-as-a-Service (SaaS), to automate accounting processes including reconciliation, settlement, fee computation, and dispute resolution.
  • Operational Benefits: Yvonne Nang Saw Kham Phyu, director and head of cards and payment services at AYA Bank, highlights that the system addresses current operational needs with real-time insights, while the remotely-managed implementation enhances service delivery.
  • Enhanced Transaction Transparency: SmartStream’s solution offers a real-time oversight layer to enhance transaction transparency, expedite system adoption, and enable total management of the bank’s transaction lifecycles through AI capabilities.
  • Advanced Reconciliation Engine: According to Radha Pillay, regional director of APAC at SmartStream, the solution leverages an advanced reconciliation engine to automate transaction validation and replace manual interventions with an automated exception management process.
  • Operational Efficiency and Scalability: Pillay emphasizes that the solution enhances overall operational efficiency, future-proofs the bank with high levels of automation and risk controls, improves customer satisfaction, and offers better scalability.
  • SmartStream’s Track Record: Founded in 2000, SmartStream’s suite of TLM solutions caters to over 2,000 clients, including reportedly 70 of the world’s top 100 banks, providing cloud deployment or managed service options.

Related stories

FE fundinfo snaps up wealth management fintech Dericon

Acquisition Details:Acquirer: FE fundinfo, a UK-based financial...

LGT in Liechtenstein taps Finastra for instant payments

Partnership Announcement:Entities Involved: LGT (private banking and...

Granola debuts an AI notepad for meetings

Taking meeting notes is a chore, so why not...

Spanish paytech PayRetailers acquires Transfeera to drive Brazilian expansion

Overview:Acquirer: Spanish paytech PayRetailers. Target: Transfeera, a Brazilian...

Subscribe

- Never miss a story with notifications

- Gain full access to our premium content

- Browse free from up to 5 devices at once

Latest stories

spot_img