Dar Es Salaam Investment Bank (DES), one of the leading private banks in Iraq, has gone live with a new universal banking system, ICS Banks from ICS Financial Systems Limited (ICSFS), the global software and services provider for banks and financial institutions.
Dar Es Salaam Investment Bank, which is one of the twelve users of ICS BANKS® in Iraq, has implemented ICS BANKS® fully 'Bank in a Box' solution on IBM hardware. DES experienced a smooth implementation with a record time of 6 months, and has implemented ICS BANKS® Core Banking, Remittances, Credit Facilities & Risk Groups, Lending, Trade Finance, and Investment & Treasury systems. The bank also deployed other supporting systems such as, ICS BANKS® IBS (Internet Banking System), Fixed Assets, ICS BANKS® BI, and ICS BANKS® BPM.
IT Manager at Dar Es Salaam Investment Bank; Mr. Haithem Zuhair commented,
"After sighting the Iraqi banks successful experience with the ICS BANKS® solution, we decided that ICSFS offerings embody an advanced technology and perfectly fits our needs. A concise implementation timeframe of 6 months was among the key requirements of our selection. The parameterisation features of the solution allow us to quickly promote new products, hence strengthening our market capabilities."
Executive Director for Business Development at ICSFS; Mr. Wael Malkawi stated,
"We are focused on the needs of Iraqi banks by delivering complete suite of banking business solutions, allowing our users to quickly put in use the features they need with minimal time, risk, effort and cost. This is absolutely important especially when the local and country specific requirements are changing frequently. Dar Es Salaam Investment Bank has selected ICS BANKS® based on the solution's highly successful implementation track record in the Iraqi market, as the bank marks our twelfth user in Iraq."
ICS BANKS® ® provides a complete suite of banking business modules with a rich sweep of functionality and features, addressing business needs and automating accounting processes, as needed, to improve a bank's business performance. ICS BANKS® has always been a pioneer in utilizing the latest technology to serve financial institutions. In addition to its embedded Service-Oriented-Architecture (SOA), the system is deployed in a multi-tiered setup that runs on a web thin client, J2EE environment.