Misys (FTSE: MSY.L), the global application software and services company, today announced that QNB, the leading national bank in Qatar, has licensed Misys BankFusion Equation to ensure it has the most modern technology platform available to underpin its business strategy.
QNB has the largest distribution network in Qatar, comprising 44 branches in addition to eleven Islamic branches and offices operated by its Islamic banking subsidiary QNB Al Islami, and more than 160 ATMs. QNB's international presence is rapidly expanding to include new locations around the world to supplement long-established branches in London and Paris. The Bank has affiliates and subsidiaries in 22 countries including, most recently Syria and Switzerland where the Bank commenced operations in 2009.
QNB is also among the highest rated regional banks according to leading credit rating agencies including Standard & Poor's, Moody's, Fitch, and Capital Intelligence.
BankFusion Equation tailors business processes to the exact requirements of each bank eliminating any constraints of underlying technology. BankFusion Equation automatically generates the system's Java code, significantly reducing manual input and errors and accelerating solution modifications. This helps bring new solutions to market faster and better serve customers.
In this latest release of the solution, Equation has been re-architected into an SOA environment using Misys' revolutionary BankFusionTM platform. Misys BankFusion Equation provides improved security and risk management capabilities as well as the flexibility to scale the business rapidly when required.
"QNB is one of the most advanced banking groups in the GCC region and invests considerable resources in deploying innovative technology and expertise to ensure the seamless delivery of its banking solutions to customers," the bank states. "Advanced platforms such as BankFusion Equation serve the strategic growth objectives of QNB Group by, most importantly, providing an automated risk management framework, whilst seamlessly integrating with existing systems and technologies."
QNB is already a leader in modern banking solutions such as straight through processing of foreign currency transactionsons and has won awards from Deutsche Bank and JP Morgan for the quality of its Euro and Dollar payments. The Bank is also one of the first institutions in Qatar to have developed an integrated eBanking platform. Branded "EAZYLife", it is a suite of internet, mobile, telephone and ATM banking solutions serving customers in Qatar and abroad.
Guy Warren, EVP and General Manager, Banking, Misys states, "The ground-breaking technology in BankFusion Equation will allow QNB to launch innovative new products and services quickly to the market. The management team has chosen to invest in Misys, our BankFusion strategy and the future roadmap of the solution. This gives them the most modern, flexible next-generation core banking platform available on the market today to underpin the bank's operations."