rafidain bank chooses misys consortium to implement one of the largest banking it projects in the world
Misys / B-Plan solution part of major restructuring programme
for Iraq’s largest state bank
Misys plc (FTSE: MSY.L), the global application software and services company, today announces that Rafidain Bank, the largest state bank in Iraq, has selected an integrated turnkey core banking solution from Misys and B-Plan Information Systems.
The agreement between Rafidain and the Misys/B-Plan consortium was endorsed by the Minister of Finance, as part of the modernisation programme of the state-owned banks. The Misys/B-Plan solution was chosen ahead of competing bids including those from Temenos and Systems Access. It will underpin the restructuring programme aimed at improving performance and enabling Rafidain to compete more effectively in an increasingly open and competitive environment.
The solution includes the deployment of electronic clearing systems, the core banking solution from Misys and the supporting hardware and communications network across the bank’s 148 domestic and 7 international branches, in Beirut, Cairo, Jordan, Abu-Dhabi, Manama (Bahrain) and Sana’ (Yemen). The project, which is one the largest of its kind in the world, will allow the bank to deliver competitive products and an excellent service to Rafidain’s domestic and international customers.
In December 2006, a formal memoranda of understanding (MOU) was signed between the Central Bank and the Ministry of Finance on the restructuring of the state-owned banks, including Rafidain Bank. This covers the steps and sequencing for operational and financial restructuring of these institutions over the next few years, including the deployment of electronic clearing banking system.
Mr. Bayan Jabr, Iraq’s Minister of Finance, states, “I am determined to modernise the banks. My wish is that every Iraqi citizen has a Visa card and for every Iraqi citizen to have a bank account which he is able to manage through the internet, regardless of whether he is a government employee or not. This is my dream which I am working to make it a reality. I have now signed a contract for such a system for the Rafidain Bank.”
Guy Warren, EVP and General Manager. Misys Banking, comments, “One of the key deciding factors for the Government of Iraq was Misys' leadership position in the industry and we are honoured to be an integral part of such a crucial restructuring programme for the bank. Our deep knowledge of the market alongside B-Plan’s expertise in implementing turnkey ICT solutions in Iraq, will enable Rafidain to maintain its leading position in the region and compete more successfully internationally. This is another example of our proven technology and top class services skills beating Temenos in competitive pitches.”
Shirko Abid, CEO of B-Plan, adds, “The advanced solution and the broad regional experience Misys has built up over the last two decades, coupled with our strong position as a provider of mission-critical turnkey solutions was crucial to the deal. We are already beginning the first phase of implementation and I look forward to working closely with the bank as we help it deliver enhanced services to its customers.”
