Open Link Financial, ("OpenLink") announced that Europe Arab Bank ("EAB"), a wholly owned subsidiary of Arab Bank plc, has selected Findur, OpenLink's cross-asset trading, risk management, operational and portfolio management software to increase the efficiency of its Treasury and Capital Markets operations.
"The bank employed a rigorous sourcing process to ensure selection of the best possible system for its operations," said Antoine Sreih, Chief Operating Officer at EAB. "We initially reviewed and considered solutions from eleven vendors" he continued. "With the assistance of IBM Consulting, we narrowed down possible solutions to a short list of five potential software providers. After careful analysis, OpenLink was chosen as the preferred solution.
"As well as providing the features we needed, OpenLink's Model Bank pre-configured software implementation approach was an additional benefit," Sreih added. OpenLink's Model Bank provides a pre-configured version of Findur based on the "best practices" of other financial institutions where OpenLink has already been implemented.
"The completion of this agreement is very significant for Europe Arab Bank," said Sreih. "OpenLink provides all the capabilities our institution needs such as cross-asset and risk management plus operations and portfolio management. Another important benefit that OpenLink provides us is one integrated solution in lieu of using more than one vendor or developing a costly proprietary solution. OpenLink allows for extensive customization and is quickly adaptable to changes in our marketplace such as new financial products. Yet another important factor is that OpenLink can be expanded to other aspects of bank operations since it supports full straight-through-processing from front-to-back-office."
"EAB's vision is to be the pre-eminent bank for clients in Europe, the Middle East and North Africa so we are delighted that they have chosen to join OpenLink's diverse client base," said Kevin Hesselbirg, CEO at OpenLink. "This is a testimony to the breadth, scope and flexibility of the functionality available in our financial markets solution suite. We anticipate that EAB will derive quantifiable gains in efficiencies and cost savings while at the same time be able to reduce operational risk and augment capabilities in offering new financial products."