EastNets, a payment and security solutions provider for the Middle East’s government and financial institutions, has signed an exclusive deal with Dubai Islamic Bank to provide reconciliation software that confirms the validity of day-to-day financial transactions.
The software, part of the Check Free/Accurate range, provides a platform to improve a financial organization’s reconciliation process by scrutinizing the accuracy of information and automating operational flows across the transactional life cycle.
The inclusion of settlement controls such as reconciliation into Dubai Islamic Bank’s (DIB) risk management structure is predicted to generate considerable dividends, such as improved straight through processing (STP) rates, reduced exposure to risks and minimized internal losses.
The reconciliation software also contributes to faster identification of information exceptions, helping to identify errors, standardize data, improve clearance rates and reduce processing times.
Since the implementation of the software, the DIB’s IT department has already received an award praising the enhanced security and banking processes within its operations.