Misys plc, the global application software and services company, has announced that its trade finance solution has been selected by the National Bank of Oman (NBO), to facilitate the expansion of NBO’s business coverage, meeting customer demands and support its growing trade volumes.
This integrated trade finance solution combines the power of the back-office processing system, Misys TI Plus with the prized e-business console, Misys Trade Portal. The customers will be enabled to connect effortlessly to NBO for conducting their international trade business and access a wide range of financial supply chain services at the same time.
NBO was established in the year 1973 and is one of the biggest banks in Oman. It is also the first local bank in the Sultanate. The bank’s paid-up capital amounted to Omani Rials (OMR) 108.1 million and had a regulatory capital of OMR 278 million as on December 31, 2009. The bank’s customers are served through the banks 64 domestic branches and 170 ATMs, along with 5 branches in Egypt and 1 in the UAE.
In a release, Humayun Kabir, General Manager of Wholesale Banking at NBO said, "We were very impressed by the fully integrated front-to-back trade finance solution offered by Misys. The corporate Service Level Agreement-driven workflow and business dashboard incorporated into the system were important differentiating factors. We are confident that Misys TI Plus and Trade Portal will help us to meet our growth targets for our traditional products as well as newer ones, such as factoring."
Misys TI Plus is a flexible back-office automation system which is used for supporting the total front-to-back trade finance business of banks.
Misys Trade Portal is an integrated online system which facilitates banks in providing a fully-featured console for connecting customers to the bank through Internet.
In a release, Roy Froud the Director - Middle East & Africa for Misys said, "NBO has been using the Misys Equation core banking system for over a decade and after an in-depth evaluation period the management team confirmed that our trade finance solution would benefit the bank most. With our integrated solution NBO will now be able to grow its volumes, boost efficiency and broaden its revenue options more effectively."Calvin Azuri is a contributing editor for TMCnet. To read more of Calvin’s articles, please visit his columnist page.
Edited by Alice Straight