UK-based financial software company Misys announced today that it has been selected by Trade Bank of Iraq (TBI) as a strategic partner to assist the bank in upgrading to a next generation digital platform in order to gain a competitive edge in Iraq’s growing banking industry.
Hamdiyah Mahmood Faraj Al-Jaff, Chairman, Trade Bank of Iraq said:
“We understand the importance of implementing advanced solutions in order for us to better serve our customers. Research has shown that with the aggressive entry of foreign banks into Iraq, a large portion of market share will be lost unless we make the effort to modernize at a rapid scale. Therefore, choosing the right technology partner was critical and over the last ten years, Misys and TBI have achieved major milestones that have put us at the forefront of the banking industry.
"We look forward to continuing our long-standing partnership to achieve our ambitious growth plans to deliver an integrated banking system that will allow us to bring new financial products to market quickly and better service our customers.”
Fady Fiani, Head of Sales, Middle East and South Asia, Misys said:
“Trade Bank of Iraq is playing an important role in helping with the economic rehabilitation of Iraq. We successfully implemented two major projects with TBI in 2003 and 2009 and look forward to aiding their continued growth and expansion. Our solutions will help address key areas of concern for TBI, such as offering new products and services that will allow them to provide customers with modern banking options, while enabling them to reduce credit, operational and IT risks.”
TBI is set to upgrade its existing core banking infrastructure through the implementation of the latest version of Misys FusionBanking Equation to offer a feature-rich banking experience. In addition, products such as FusionBanking Teller will help create a more efficient branch network and offer a superior customer experience. The contract was signed at Trade Bank of Iraq’s premises in Baghdad on 14 October.