Misys Banking Systems says its core banking system, Misys Equation, has been selected by The United Bank to help optimise inter-branch communications and reporting for the bank’s head-office and its branch network, currently comprising over 40 locations across Egypt, but set to expand further.
On 26 June 2006, The United Bank acquired the United Bank of Egypt, The Nile Bank and Islamic International Bank for Investment and Development. The United Bank chose The Misys Equation solution to help in data conversion and consolidation of the three acquired banks via streamline operations across Retail, Islamic Banking Products, Corporate and Investment Banking Divisions. The United Bank of Egypt is a long-standing Misys customer and based on that successful partnership, Misys Equation will be used across the whole of the operations of the new organisation.
The United Bank is to implement Misys Equation for its core banking function, while the Branch Automation module will be deployed to ensure efficiency between branches and give full support to tellers and customer services operations. Misys Trade Innovation is implemented, for workflow management within the trade finance business. Access to the bank via the Internet is crucial to the bank’s customers and so part of the deal includes the IFM Internet Banking from Misys.
Additionally, Misys Webform will be used for reporting within the solution. Implementation of all modules is expected to take nine months and it will be integrated with the legacy ATM system and will enable easy access to the SWIFT networks.
“We are delighted to expand our relationship and provide a world-leading solution that will serve all of the United Bank’s integrated banking requirements,” says Roy Froud, the General Manager of the Middle East & Africa at Misys Banking Solutions. “Bringing together networks and processes from the three component banks is crucial for The United Bank to maintain and enhance its competitiveness and to leverage the combined strengths which the acquirer has given. We look forward to continuing our relationship with the bank and delivering our proven technology which will help to enhance its strong market position.”
“We chose to work with Misys Banking Systems for numerous reasons, especially the company’s strength and reputation in our region,” adds Mohamed Ashmawy, the Chairman & Managing Director of The United Bank. “We are confident of the technology excellence and expertise we will obtain, besides the continuous support from Misys, as we have done in the past. We believe that this enhanced partnership will lead us to maintain and consolidate our growth in the Egyptian banking market.”