YBRD today announced that it has selected Informer Financial as the prime contractor for its new core banking system to support the bank's modernization and expansion strategy.
The management team at Yemen Bank for Reconstruction & Development plans to significantly benefit from investing in the international core banking solution proposed by INFORMER Financial, which is essential to support its business plan and strategy for organic growth. The bank is looking to achieve a centralization of operations through a modern and powerful IT system, which will provide speed and efficiency of operations, whilst being capable to handle the anticipated growth of the bank's volumes as a result of the organic growth planned. Support of new innovative products and services as well as "time-to-market" are also expected as a result of this new investment.
Simos Simoudis, Chairman & CEO of INFORMER Financial said: "We are honored to have been bestowed by the esteemed management of YBRD as prime contractor to license and deliver a fully integrated, turnkey solution to the bank. Our solution leverages a best-of-breed systems architecture that we have based upon T24, the market leading core banking software from TEMENOS. INFORMER Financial will implement TEMENOS T24 in tight integration with additional SW components provided by INFORMER Financial and to other such SW already operating in the bank."
TEMENOS T24 is recognized as being one of the most technologically advanced core banking systems available in the world today with more than 500 clients across 111 countries. Additionally, the bank has selected to integrate four best-of-breed software components developed by INFORMER Financial that further expand and leverage the capabilities of T24:
- The "local Arabic Platform" of INFORMER, which encompasses all parameterization and developments needed for a bank to operate in the Middle East under TEMENOS T24, including Central Bank Reporting, Interfacing to clearing systems, and most of the local banking business practices and products.
- LOAN ORIGINATOR 24 for end-to-end retail and corporate lending including credit scoring and rating capabilities.
- Shareholders' Register functionality by INFORMER for managing the registry of shareholders.
- Safe Deposit Box functionality by INFORMER.
Mr. Abdulla Salem Al-Gifri, Chairman, Yemen Bank for Reconstruction & Development said: "We are on track towards our strategic plan for aggressive growth in the coming years, through which a major enabler is the selection and implementation of a new fully integrated core banking system; hence we took a decisive step forward in this process by awarding this project to INFORMER Financial based upon a combination of critical factors. These included a successful implementation track record and experience replacing and integrating core banking systems internationally and developing exceptionally stable platforms to ensure seamless compliance with region-wide statutory and central banking requirements. INFORMER FINANCIAL gave us the additional comfort by offering all additional components needed by the bank coupled with a guaranteed integration, thus assuming total responsibility." We anticipate an excellent co-operation with INFORMER Financial as a system integrator and a highly professional partner during the implementation project for our Bank. We hope that we will spend our maximum efforts together in this project for the realization of this high quality solution in order to achieve our business objectives.
George Agioutantis, Commercial Director, INFORMER Financial stated: "We view Yemen and the neighboring countries as an important market within our strategic radar and industry we operate, as the level of technological and business needs are affected by immense regional advancement and global competitive pressures; hence our niche expertise in the IT Banking arena, coupled with our extensive experience in the Middle East, position us as the natural partner for market-leading Banks like YBRD. This is something that clearly not only strengthens our position but also increases our commitment in this market."