Misys (FTSE: MSY.L), the global application software and services company, today announces that Trade Bank of Iraq, the government owned commercial bank, has selected an integrated solution from Misys to help expand its business aggressively into universal banking.
The agreement includes an upgrade to the latest version of Misys' core banking system Equation, integrated with the newest version of Trade Innovation (Misys TI Plus 2.0) and its branch automation solution, Equation Branch Automation (EBA). The combined solution will be implemented at the bank's head office in Baghdad and will improve the service delivered by the bank to its customers, as well as allowing further integration with new banking channels, including Internet banking and ATMs
As part of its drive towards stability, Iraq is focused on developing a strong and internationally functioning economy. Two industries are important in supporting that goal; a strong international trade finance capability and a modern branch network within the country. Trade Bank of Iraq (TBI), the institution charged with facilitating Iraq's international trade and reconstruction programme is taking advantage of Misys' award winning solutions to strengthen its capabilities. TBI currently has 6 branches with the plan to roll out more branches in Baghdad as well as more throughout the country.
TBI has been a Misys customer since 2005 and has grown rapidly both in the number of branches and customers, as well as in the variety of services it offers to those customers. Building on its early success, TBI is gradually introducing modern, innovative products and services to the retail and commercial banking market across Iraq. It has chosen an integrated and robust solution from Misys to continue the development of its online banking offering and to maintain market advantage as the Iraqi branch network continues to spread. The new functionality also improves its trade financing capabilities, which are an important part of improving Iraq's reputation and standing in trade within the global economy. The bank has established relationships with over 134 prime banks covering 63 cities in 39 countries.
Mr. Hussein Al-Uzri, Chairman, Trade Bank of Iraq comments: "Our rereOur reputation is built on excellence performance and we continue to exceed performance expectations. Selecting a company with Misys' pedigree and experience is important in helping us achieve our ambitions. Thus, through an open trade and investment regime, an investor-friendly business environment is dawning. This will confirm our position as one of the biggest and most successful trade finance banks in the Middle East."
Roy Froud, Head of Middle East and Africa, Misys Banking, comments, "Trade Bank of Iraq is playing an important role in helping with the economic rehabilitation of Iraq. The strength of the Misys solution and our experience in retail banking and trade finance were important factors in our winning the contract."
Misys has built a vast amount of knowledge and expertise in the trade finance and financial supply chain market, with award-winning solutions from the front office through to the back office. This enables Misys to add real value to customers and continue to be an innovator in the market.
Equation Branch Automation (EBA) is designed to support customer-facing staff within a retail branch banking environment. The EBA system is tightly integrated with the Equation core system, and provides ready-to-run functionality to support cashiers, personal bankers and relationship managers. EBA allows online, real-time transaction processing with immediate access to account and transaction information and verification of availability of funds.