Misys has been selected by Trade Bank of Iraq (TBI) as a strategic partner to assist the bank in upgrading to a next generation digital platform as TBI seeks to gain a competitive edge in Iraq’s growing banking industry.
The contract has just been announced, but was signed at TBI’s premises in Baghdad on 14 October.
“We understand the importance of implementing advanced solutions in order for us to better serve our customers,” said Hamdiyah Mahmood Faraj Al-Jaff, TBI’s chairman.
“Research has shown that with the aggressive entry of foreign banks into Iraq, a large portion of market share will be lost unless we make the effort to modernise at a rapid scale. Over the last 10 years, Misys and TBI have achieved major milestones that have put us at the forefront of the banking industry.”
Fady Fiani, head of sales, Middle East and South Asia, Misys, added: “TBI is playing an important role in helping with the economic rehabilitation of Iraq. We successfully implemented two major projects with TBI in 2003 and 2009 and look forward to aiding their continued growth and expansion.
“Our solutions will help address key areas of concern for TBI, such as offering new products and services that will allow them to provide customers with modern banking options, while enabling them to reduce credit, operational and IT risks.”
The bank plans to upgrade its existing core banking infrastructure through implementing the latest version of Misys FusionBanking Equation. Additionally, products such as FusionBanking Teller will help used for branch network efficiencies and improved customer service.
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