IBM (NYSE:IBM) and IBM Business Partner Misys have been selected by Muslim Commercial Bank (MCB) Limited, one of the largest private banks in Pakistan, to automate the bank's Treasury Operations.
The project will improve efficiencies and help the bank to comply with new regulations from the State Bank of Pakistan. IBM will provide implementation services alongside business partner, Misys, to deploy Misys Opics Plus which will standardize financial mechanisms and minimise complexity, helping to sustain MCB Bank's position as one of the leading banks in the region.
The new solution will integrate bank's financial instruments and departments, improving transparency and accountability of financial management and supporting decision making and governance. The bank's clients will get a single point of access to a diverse set of services.
The project is part of bank's efforts to streamline their existing operations in line of the new regulations aiming at revamping and integrating financial services by making collection and credit operations much more efficient. MCB has more than 1,100 branches in Pakistan and growing. In an effort to drive efficiency and enhance operational speed and flexibility, IBM will provide MCB Bank a centralised approach to systems and operations enabling the bank to meet various challenges of complex capital markets and prepare for future growth. IBM will provide implementation, Project Management Office (PMO), testing and training services along with Misys Opics Plus, a leading treasury & capital markets solution.
Misys Opics Plus runs on the .NET service-oriented architecture (SOA) platform that delivers flexible customisation features for business re-engineering along with high levels of scalability. It also allows financial institutions to manage risk more effectively, consolidate systems, reduce costs and get back to the business of serving the evolving needs of their clients.
"Innovation is what has helped MCB become one of the leading banks in the region," said Mohamad Ramzan, Head of Treasury & Foreign Exchange at MCB Bank. "IBM's services and the deployment of Misys Opics Plus will enable uss to take new products to the market faster while meeting central bank's regulatory requirements."
Once it is completed, the MCB finance system will play an important role in providing faster and higher quality financial services that benefit individual citizens as well as the economy. Through its design it can have an important impact on the growth rate and allocation of resources in the local economy.
"The application of smarter solutions has a key role to play in the transformation of banking around the world," said Farhan Ashfaq, Financial Services Sector Leader at IBM Pakistan. "In countries like Pakistan where companies are still building their infrastructures, banks have an opportunity to implement systems that increase efficiency, stability and manageability of their organisations, help manage risks. allowing them to leapfrog the competition and win new customers."
"Now more than ever, banks require a comprehensive technology to handle the intricate requirements of the global marketplace," said Michel Daenen, Sales Director for the Capital Markets Business in Middle East and Africa at Misys. "The flexible architecture of Misys Opics Plus ensures rapid pricing and risk calculations, allowing users to manage the high volume and complex financial instruments more effectively. This, in turn, means banks need fewer systems and less manual processing, enabling them to take new products to market much more quickly and more efficiently."
Today's announcement with MCB Bank Limited is another example of how IBM Global Services and IBM Business Partners team with clients to solve business problems and help them capitalize on new opportunities. Clients now are looking to IT service providers for more than just cost cutting. Global clients need help finding ways to better leverage IT into their business to stimulate growth and prepare for the future. By tightly weaving together business insights, an industry-leading software portfolio, world-class technology research and operations expertise, IBM, along with its partners, is redefining what it means to design, deploy and deliver IT services on a global scale. As a result, clients achieve faster return on investment while freeing up resources to focus on innovative projects.
The agreement was signed in June 2011.