SmartStream, a provider of transaction lifecycle management solutions, has announced that Ivobank, a new UK-regulated internet bank, has gone live on TLM Reconciliations.
The bank needed a system to reconcile cash entries on its general ledger against the settlement bank account and the corresponding payment agent. Ivobank chose TLM Reconciliations to ensure it had flexibility and scalability to grow as the business transacted new currencies and volumes increased.
Alex Daly, finance director of Ivobank, said: We recognized that efficient reconciliation processes would be critical to delivering an effective and customer-centric operation. The decision to choose TLM was simple as we knew we would get technology that would meet our plans for the bank. TLM delivers a robust design and provides us with exactly what we needed today, with the peace of mind to know our operations can scale with our ambitions.
John Mason, regional director of SmartStream at UK, said: I’m delighted Ivobank selected SmartStream to create a reconciliations platform using TLM reconciliations and has since successfully gone live. Choosing the market-leading reconciliations software means Ivobank can deliver the scalability required to keep pace with their volume growth. I look forward to working with them as Ivobank continues their successful roll out across new geographies and offers new services to customers.