Smartstream has announced that the National Bank of Greece in Cyprus has successfully gone live with Air, the company’s AI-enabled reconciliation solution.
The deployment marks a significant step forward in the bank’s operational efficiency, reducing daily manual processing effort and eliminating complexity across multiple data formats.
The bank has deployed Air’s Cash module, replacing incumbent systems and consolidating four separate reconciliation platforms into a single intelligent solution.
The four systems covered Instant, Cash, SEPA, and Nostro reconciliations, which previously required significant daily manual effort to navigate individually.
Although transaction volumes were manageable, the fragmented landscape meant staff had to handle items individually across each system while working across multiple data formats.
Following a market review, the bank committed to Smartstream’s Air, with its self-service model and AI-enabled automation identified as a distinct advantage for better utilising internal resources.
The platform was also selected for its ability to create reconciliation groups, enabling multiple items to be matched simultaneously rather than individually.
Andreas Anatolitis, Head of Accounting Department, Financial and Accounting Division, NBG Cyprus, said: “After conducting a thorough review of the market, we selected Air because of its ability to deliver real efficiency gains and Smartstream’s ability to tailor the solution to our specific technical requirements, ensuring a secure and efficient data flow without adding operational overhead for the bank.”
Robin Hasson, Product Manager at Smartstream, said: “We’re delighted to be working with NBG Cyprus. Our latest Air deployment gives the bank’s operations team greater control of its reconciliations data, supported by a custom automated encrypted file transfer solution to meet their strict data security requirements. The result is a robust solution that proactively flags data quality issues, whether they originate in internal data systems or in incoming bank statements.”
The deployment delivers measurable efficiency gains from day one, according to Smartstream, with the platform designed to proactively identify data quality issues across both internal systems and incoming bank statements.
National Bank of Greece in Cyprus offers comprehensive financing solutions, trade finance, and deposit products for both businesses and individuals, while investing in digital service enhancements.