Intellect Design Arena Limited, a specialist in applying true Digital Technologies across Banking & Insurance, today announced that Commercial International Bank (CIB) the largest private-sector bank in Egypt, has gone live with Intellect Custody Solution.
With the unique web-based interface implementation, CIB will be able to maximize the throughput rate while minimizing infrastructure and communication cost. Deployment was completed within a time frame of six months, automating the complete process of Custodial Services at the bank.
With the flexible interfacing capability that enables easy integration with the existing Core Banking system, the bank will now have access to real-time information and improved straight–through processing in all areas of custody operations from deal capture to clearing, settlement, and corporate actions. The automation of Central Depository (MCDR) interface will provide enhanced operational productivity, mitigation of risks associated with manual operations, end-to-end trade tracking and settlement across all instrument types. Automation of MCDR is significant to the bank as 75% of the business transactions are settled through this interface. Intellect Custody will also enable CIB to service clients' diverse investment strategies coupled with multi-lingual capability of clients’ reporting requirements.
“We are pleased to have made the decision to use Intellect solution to support the Custody operations”, said Mohamed Farag, Head of Global Transaction Services Group at Commercial International Bank. “As the largest private-sector bank in Egypt and the leading financial institution in the region, it is important that we provide value for our customers. The introduction of Intellect Custody solution deploys robust and globally proven technology that will provide flexibility to meet new requirements and helps us cater to the needs of global investor community. This deployment will further enhance capabilities and add value to important areas of our business” he added.
Venkatesh Srinivasan, Chief Executive Officer, Intellect Risk, Treasury & Capital Markets, Intellect Design Arena Limited said, “Custodians the world-over are primarily concerned with the mounting need to provide services across markets, borders and instruments. This has added to their increasingly complex product portfolios and strategic investment schemes. Custodians continue to focus on improving operational efficiencies and service quality levels for a wider range of value-added and sophisticated services that will help them to retain and expand their customer base. With Intellect Custody, International Banks like CIB will be well positioned to leverage existing investments in technology using strong tool-based interfaces and transform their custodial business. We are glad to be the preferred partner for Commercial International Bank, Egypt.”
Volatility in financial market, the changing regulatory landscape, the highly specialized and complex nature of custody business necessitate that custodians need to adhere to global standards both on technological and operational fronts to remain competitive. Intellect Custody solution is a comprehensive solution that is readily deployable and highly interoperable based on changing client requirements.