Yes, your institution can participate in other reliance agreements — including with institutions that are also SMART IRB participants. SMART IRB is non-exclusive. You are not required to move existing reliance relationships onto the SMART IRB Agreement, though many institutions choose to.
The one practical rule: when two institutions have more than one agreement in common, agree in advance — and in writing — which agreement covers each study, so the record of responsibilities is unambiguous. The Letter of Acknowledgment or Implementation Checklist is a convenient place to say so.
See also - How reliance works under the Agreement - The Letter of Acknowledgment (three versions)
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