Saudi Hollandi Bank (SHB) has selected an integrated transaction banking solution from Misys, the global leader in financial services software solutions, as part of the Bank's strategy to upgrade its trade finance and cash management online services.
The contract comes as SHB aims to broaden its portfolio of cash management services to customers across the Kingdom and become a top five trade finance provider within the next two years. The new integrated solution will be rolled out in 2013 and will improve the performance of the Bank's trade finance division through increased efficiencies in the unit's operations to help the division meet the Bank's growth aspirations.
The agreement between Misys and Saudi Hollandi Bank was signed in the presence of SHB's Chairman Engineer Mubarak Bin Abdullah Al Khafrah, Managing Director Dr. Bernd Van Linder, and Misys General Manager for the Middle East and South Asia Mr Maruf Majid following a competitive tender process orchestrated by SHB involving several global firms in the financial software market. It will consolidate SHB's software platforms for trade finance and cash management services for the first time.
"Misys was able to show us a compelling case for how we can meet our ambitious expansion targets using its software and services and by building a robust back-office engine to enable that desired growth," said Dr. Bernd van Liner, Managing Director of Saudi Hollandi Bank. "Misys' product vision, commitment market leadership to innovation and ability to execute were the decisive factors in this project, which we anticipate bringing great value to our offerings in the years ahead and an improvement in the service we provide our customers."
"Misys is committed to adding value to SHB's long-term performance and improving the experience of the bank's customers across Saudi Arabia," comments Maruf Majed, Managing Director, Misys Middle East and South Asia. "Our integrated trade and cash offerings demonstrate how we have invested in our products to ensure that they meet customers' demands and anticipate changes in today's dynamic banking landscape. In partnering with SHB, we are excited to be able to set a new standard in the market and contribute to the advancement of the Kingdom's banking institutions."