SmartStream Technologies, the financial Transaction Lifecycle Management (TLM) solutions provider, today announced its partnership with Union Systems Limited, a key provider of financial software solutions and professional services to major banks in East and West Africa. The two companies together will support organisations in their digitisation strategies of post–trade environments – whether it is liquidity transparency, reducing operational risk or moving to the processing of digital payments.
Union Systems supports customers in 19 African countries and helps to effectively scale processes, improve compliance and drive operational efficiencies for some of the leading banks in the region. Under the new agreement, SmartStream’s TLM solutions will help organisations make the journey towards digital transformation by providing a range of solutions for the transaction lifecycle. Artificial Intelligence (AI) and Blockchain technologies are being embedded throughout the solutions, which are also available in a variety of deployment models.
Commenting on the partnership, Chuks Onyebuchi, CEO, Union Systems said: “The partnership with SmartStream to deliver its suite of Transaction Lifecycle Management (TLM) solutions to the region complements our existing product offering. We are particularly excited about SmartStream Air, which is a game changer for reconciliations through its use of AI”.
Guenther Ruf, Director Partners and Alliances, SmartStream, states: “Union Systems is a very reputable organisation in the region that has the knowledge we require in order to help banks strengthen their back-office functions. SmartStream’s TLM solutions increases automation levels to help drive up STP rates, bringing down the overall cost of processing, whilst at the same time improving customer service through the reduction of errors, and in addition protecting and enhancing a firm’s reputation”.