British banking systems vendor Misys is teaming with UK consultancy B-Plan Information Systems to supply and implement an integrated core banking platform at Rafidain Bank, the largest state bank in Iraq.
Established in 1993 in Manchester by two Iraqi Kurdish brothers, B-Plan provides financial and operational IT management services in the UK and Ireland.
Misys will work with B-Plan to provide a new integrated platform which underpins a restructuring programme at the bank aimed at improving performance and enabling Rafidain to compete more effectively.
The contract includes the deployment of Misys' Bankmaster platform as well as electronic clearing systems and supporting hardware and communications networks across the bank's 148 domestic and seven international branches.
Commenting on the contract win Guy Warren, EVP and general manager, Misys Banking, says: "Our deep knowledge of the market alongside B-Plan's expertise in implementing turnkey ICT solutions in Iraq, will enable Rafidain to maintain its leading position in the region and compete more successfully internationally."
Misys says the joint Misys/B-Plan offering was chosen by Rafidain Bank ahead of competing bids from Temenos and Systems Access.
The deal is part of an initiative by Iraq's Central Bank and Ministry of Finance to restructure the state-owned banks in the country. Bayan Jabr, Iraq's Minister of Finance, has stated that he wants every Iraqi citizen to have "a Visa card" and a bank account that can be managed over the Internet.