SMARTSTREAM'S DIGITAL PAYMENTS PLATFORM ENABLES MYANMAR’S AYA BANK TO OPERATE EFFICIENTLY

KUALA LUMPUR, May 7 (Bernama) -- SmartStream, the financial Transaction Lifecycle Management (TLM) solutions provider, announced the successful implementation of its TLM Reconciliations Premium Digital Payments Control solution at AYA Bank, Myanmar’s premier banking institution.

According to SmartStream in a statement, this implementation marks a significant advancement for the bank’s digital transformation journey.

“Our solution leverages an advanced reconciliations engine that automates transaction validation and replaces manual interventions with an automated exceptions management process.

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“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,” said SmartStream Regional Director APAC, Radha Pillay.

Meanwhile, AYA Bank Director and Head of Cards and Payment Services, Yvonne Nang Saw Kham Phyu said this system not only addresses its current operational needs with real-time operational insights, but also strategically positions the bank for future expansion and emerging challenges.

“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,” she said.

SmartStream’s TLM Reconciliations Premium Digital Payments Control will streamline various tasks including reconciliations, settlement, fee computation, and dispute resolution.

Leveraging artificial intelligence capabilities, the solution will facilitate rapid system adoption and comprehensive management of the bank’s transaction lifecycles as well as introduce a real-time oversight layer, further enhancing transaction transparency and automating accounting processes, enabling AYA Bank to mitigate risks and reduce operational expenses effectively.

Delivered as Software as a Service (SaaS), the solution eliminates the need for AYA Bank to manage and maintain information technology environments and underlying systems related to reconciliations and exceptions management processes.

-- BERNAMA