AYA Bank Goes Live with SmartStream's Digital Payments Platform
May 07 2024 - 3:00AM
Business Wire
SmartStream, the financial Transaction Lifecycle Management
(TLM®) solutions provider, today announces the successful
implementation of its TLM Reconciliations Premium Digital Payments
Control solution at AYA Bank, Myanmar’s premier banking
institution. This implementation marks a significant advancement
for the bank’s digital transformation journey.
The industry has seen a recent surge in transaction volumes and
AYA Bank recognised the need for an innovative tool capable of
efficiently processing the influx of payment transactions.
SmartStream’s TLM Reconciliations Premium Digital Payments Control
will streamline various tasks including reconciliations,
settlement, fee computation, and dispute resolution. Leveraging AI
capabilities, the solution will facilitate rapid system adoption
and comprehensive management of the bank’s transaction lifecycles.
In addition, it will introduce a real-time oversight layer, further
enhancing transaction transparency and automating accounting
processes. These enhancements will enable AYA Bank to mitigate
risks and reduce operational expenses effectively.
Yvonne Nang Saw Kham Phyu, Director and Head of Cards and
Payment Services, AYA Bank, states: "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.”
Radha Pillay, Regional Director APAC, SmartStream, states: "We
are thrilled to partner with AYA Bank, a forward-thinking
institution committed to innovation and customer service
excellence. 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 Software as a Service (SaaS), the solution
eliminates the need for AYA Bank to manage and maintain IT
environments and underlying systems related to reconciliations and
exceptions management processes. This also provides availability of
the solution through contractual SLAs, allowing AYA Bank to focus
solely on its core business functions and deliver enhanced value to
its customers.
About SmartStream
www.smartstream-stp.com
About AYA Bank PCL
https://www.ayabank.com/
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version on businesswire.com: https://www.businesswire.com/news/home/20240507436671/en/
Shamira Alidina, Media Relations Director, Dina Communications
Tel: +44 (0) 7801 590718 Email: shamira@dinacomms.com
Nathan Gee, Marketing Director, SmartStream Tel: +44 (0) 20 7898
0630 Email: nathan.gee@smartstream-stp.com