Trade Bank of Iraq implements real-time banking system!!!
Wednesday, March 17 2010
Trade Bank of Iraq implements real-time banking system
Trade Bank of Iraq (TBI) has implemented Misys Equation, a fully integrated, real-time, multi-currency retail banking solution.
TBI is the first bank in Iraq to have implemented this automated banking system, facilitating TBI transactions across the country and enabling customers of any TBI branch to access real-time information about their account.
Prior to the implementation of Misys Equation, each branch used stand-alone offline systems; daily transactions taking place at branches were consolidated at the end of the day for the generation of consolidated financial positions. With Misys Equation, a central database is maintained where customers of any TBI branch can access their accounts; updates of financial information take place in real-time as soon as the transaction is committed.
Hussein Al-Uzri, Chairman of TBI said, “Equation has automated and streamlined TBI’s business processes and will be the gateway to mobile and internet banking for the bank. This automation reduces manual intervention and human errors, resulting in accurate information and smooth processing of transactions. TBI presently has nine branches throughout the country, set to increase by another five this year, and it is our priority that we provide our customers with first class service.”
Hussain Zainal, Banking Services Manager, Computer Business Machine, Consultant with Misys said, “Trade Bank of Iraq has successfully achieved a challenging project through the implementation of Misys’ robust and comprehensive core system, combined with the industry-leading trade finance application. The new programme will give the Bank direct processing capabilities for transactions and financial messages, compliance with international standards and a modernized branch automation platform.”
http://www.cpifinancial.net/v2/print...=news&aid=4559
http://www.theiraqidinar.com/trade-b...anking-system/
Analysis of this news article:
This article is showing us that the banking systems of TBI are preparing for the RV. I say this because to set up a fully integrated, real-time, multi-currency retail banking solution is telling us the following:
Multi-Currency Capabilities
* Unlimited currencies
* Unlimited rate types
* Print reports in either functional or source currencies
* Enter transactions in multiple currencies
* Process payments or receipts in the currency of your customers and vendors
* Restate outstanding source currency balances and transactions as exchange rates fluctuate with comprehensive currency revaluation
* Control how you record gains and losses, selecting from the Recognized Gain/Loss Accounting Method or the Unrealized Gain/Loss Accounting Method
I'm assuming the other banks are following suit, if they are to take advantage of the RV.
Gankans
