Qatar International Islamic Bank (QIIB), a full-service bank in Qatar, has gone live with Misys’ payment solution, Misys Payment Manager. The bank selected Misys to support its transition onto Qatar’s automated clearing house (ACH) network and will now be able to make simple, secure and reliable payments through this network.
The ACH project’s scope was to connect Qatar Central Bank with all banks in the country in order to deploy direct debit and direct credit payment transactions, which provides a simple, secure and reliable means for banks to make payments via electronic transfer. QIIB has implemented Misys Payment Manager to provide comprehensive support for direct debits thereby helping to reduce the volume of cheques received.
The bank can now process any types of payments regardless of size, complexity and structure. It has improved efficiency through compliance with the ISO 20022 standard format for payments and process automation, enabling it to comply with local regulations and maintain its high standard of customer service.
“Customer service is key to us remaining ahead of our competitors and at the forefront of the industry,” said Ali Al-Mesaifi, chief operating officer (COO) at QIIB. “With that as a continuing goal coupled with the challenge of complying with the local regulations, Misys’ solution offers a quick and low risk way to innovate our payments infrastructure.
“The solution includes functionality that extends visibility and control of both outbound and inbound payments through the complete payment lifecycle, from initiation to settlement. We have worked closely with Misys for many years now and are pleased to extend this partnership to enable us to strengthen our business and maintain our competitive edge.”
However, a London summit on the industry’s introduction of the technology cautions that testing and acceptance are still at an early stage and firms should proceed with caution.
The proposals of both US presidential candidates could shake up operating conditions in several sectors, reports the credit ratings agency.
The Danish shipping and oil conglomerate confirmed that it will separate its businesses into stand-alone transport and energy divisions.
The central bank has tweaked its stimulus programme and is making a fresh effort to push Japan’s inflation rate above its 2% target.