National Bank of Greece Consolidates Reconciliations with Smartstream’s AI

National Bank of Greece in Cyprus has consolidated four reconciliation systems into a single platform using Smartstream’s AI-enabled Air Cash modules.

The modules combined the previously separate systems: Instant, Cash, SEPA, and Nostro reconciliations into a single platform.

Smartstream said this move marks a step forward in the bank’s operational efficiency, reducing daily manual processing effort and eliminating the complexity of working across multiple data formats.

Prior to consolidation, the fragmentation of the reconciliation systems required significant daily manual effort to handle items individually and to navigate multiple data formats.

The bank committed to Smartstream’s Air following a market review, citing the self-service model and AI-enabled automation as a distinct advantage to better utilize internal resources and achieve efficiency gains.

It also said the platform was selected for its ability to create reconciliation groups, enabling multiple items to be matched simultaneously rather than individually.

Andreas Anatolitis, head of the 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, Smartstream, added: “Our latest Air deployment gives the bank’s operations team greater control of its reconciliation 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.”