Dubai Islamic Bank (Dubai) has implemented the CheckFree transaction management and reconciliation solution. Dubai Islamic Bank implemented the solution within 90 days of contract execution in order to rapidly automate its reconciliation processes to address actual and anticipated transaction volume growth, and mitigate operational and compliance risk exposure.
CheckFree is now part of Fiserv (Brookfield, Wis.). According to the company, the prompt installation has allowed Dubai Islamic Bank to quickly realize significant improvements in productivity and potential risk mitigation, and has made transaction processing more efficient. Fiserv's implementation has also increased the transparency and visibility into Dubai Islamic Bank's transaction processing and improved its ability to deliver higher levels of customer service through prompt enquiry resolution. The recent, rapid expansion of Dubai Islamic Bank's network means it is now looking to centralize all reconciliation and exception management activity in Dubai and will do so using the CheckFree solution as part of a "Center of Excellence."
The CheckFree transaction management and reconciliation solutions are deployed across a global customer base, including some of the largest domestic and international banks, custodians, brokers and asset managers. The Dubai Islamic Bank project is the result of an ongoing collaboration with EastNets Group, Fiserv's primary business partner in Dubai.