SmartStream, the financial transaction lifecycle management (TLM) solution provider, has implemented its TLM reconciliations premium digital payments control solution at AYA Bank, a Myanmar-based banking institution.
Following a recent surge in transaction volumes, AYA Bank explained that it recognised the need for a new solution that could efficiently process an increased number of payment transactions.
SmartStream’s TLM reconciliations premium digital payments control software-as-a-service (SaaS) solution will look to streamline various tasks including reconciliations, settlement, fee computation, and dispute resolution.
Leveraging AI capabilities, the solution will facilitate rapid system adoption and help manage of the bank’s transaction lifecycles. It will also introduce a real-time oversight layer, further enhancing transaction transparency and automating accounting processes. These enhancements hope to enable AYA Bank to mitigate risks and reduce operational expenses effectively.
Yvonne Nang Saw Kham Phyu, director and head of cards and payment services at AYA Bank, commented: “The adoption of SmartStream’s digital payments control has been a transformative step for AYA Bank, markedly enhancing our service delivery.
“This system not only addresses our current operational needs with real-time operational insights, but also strategically positions us for future expansion and emerging challenges.
“We commend SmartStream’s professional approach and support throughout the project. The onboarding process was seamless, SmartStream’s Solution Delivery team managed a streamlined implementation period remotely. Their meticulous planning, clear communication, and proactive coordination ensured each step of the onboarding journey was executed with precision and efficiency.”
‘Future-proofing’ AYA Bank
Radha Pillay, regional director APAC at SmartStream, also added: “We understood AYA Bank’s specific operational requirements and onboarded them to our ‘TLM OnDemand Digital Payments Control’ service within the agreed time and budget.
“In doing so, we not only achieved the expected results but also cultivated a strong, trust-based partnership. Implementing this project remotely for a new client underscores our team’s expertise and commitment.
“Our solution leverages an advanced reconciliations engine that automates transaction validation and replaces manual interventions with an automated exceptions management process. This ensures the prompt resolution of discrepancies, enhancing overall operational efficiency and future-proofing the bank with high levels of automation, enhanced risk controls, improved customer satisfaction and better scalability.”
Delivered as SaaS, the solution eliminates the need for AYA Bank to manage and maintain IT environments and underlying systems related to reconciliations and exception management processes. This also provides the solution through contractual SLAs, enabling AYA Bank to focus on its core business functions and deliver value to its customers.
