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Diamond Bank Deploys Clirec for Reconciliation




Diamond Bank has commenced the implementation of Clirec, its accounts reconciliation solution from Precise Financial Systems (PFS). Clirec enables companies to reap the rewards of a more efficient operation.



According to a statement, the selection of the reconciliation application from PFS, an indigenous company was made after an extensive evaluation process that included detailed presentations, demos and site visits to existing users of the software. Diamond Bank’s intention is to eliminate time wastage, data redundancy, human errors, delayed and late reporting and uncoordinated reconciliation efforts because of the absence of a single platform for reconciliation.

The Managing Director of Diamond Bank, Mr. Emeka Onwuka, said with the deployment of a state-of-the-art technology offered by PFS, the project would set industry-benchmark on timely and effective use of locally developed, but globally acclaimed technology in Nigeria.He  added that deploying Clirec technology would enhance the skills of Diamond staff, while urging those being trained on how to handle the processes to be committed in order to justify the investment Diamond bank has expended in that direction.The Chief Executive Officer of PFS, Mr. Yele Okeremi, expressed pleasure in the choice of his company as technology partner for reconciliation solution in Diamond Bank and pledged the readiness of the PFS to demonstrate new possibilities for financial services industry in Africa. 



An integrated comprehensive solution for reconciliation, Clirec brings to the bank a culture of timely, accurate and reliable accounts reconciliation system. A single platform that integrates all classes and types of reconciliation efforts in the bank irrespective of department, region, automated operations, control and audit reports accessible, Clirec allows users access to the system irrespective of location or responsibility and direct interface with the bank’s Core Banking Application and other sources of reconciliation data for data integrity and accuracy.



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