The Cyprus division of the National Bank of Greece (NBG) has gone live with Air, an AI-enabled reconciliation solution developed by data fintech Smartstream, to consolidate four separate reconciliation systems and reduce the manual effort needed to process different financial data formats.
The go-live specifically includes Air’s Cash module, which Smartstream says is “replacing both incumbent and consolidating four separate reconciliation systems for Instant, Cash, SEPA, and Nostro reconciliations”. The module has been on the market since late 2024, and works to standardise various data formats, match multiple transactions with internal records automatically, and provide proactive exception management. Other users include Deutsche Bank and BSP Financial Group.
What NBG Cyprus said
Andreas Anatolitis, Head of Accounting Department, Financial and Accounting Division, NBG Cyprus, commented: “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.”
What Smartstream said
Robin Hasson, Product Manager, Smartstream, commented: “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.”
NBG Cyprus technology context
Smartstream joins a broad roster of technology partners currently working with NBG Cyprus. The branch is a long-time user of the Temenos T24 core banking system, and also uses the i-DOCS platform from IDEAL Software Solutions for document infrastructure and compliance.
These regional software selections run parallel to a major core transformation occurring across the wider NBG Group network. The parent organisation has, since 2023, been executing Project Cosmos as a multi-year modernisation programme aimed at replacing its entire legacy core infrastructure with Infosys Finacle. It’s understood that while the group began rolling out the platform across its corporate and retail lending divisions in Greece first, the project is intended to eventually apply across all international subsidiaries, including Cyprus.
