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 application was chosen ahead of competing bids including those from Temenos and Systems Access.
The application 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 and Sana’.
In December 2006, a formal memoranda of understanding 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.
“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. I have now signed a contract for such a system for the Rafidain Bank,” says Bayan Jabr, Iraq’s minister of finance.
“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,” says Guy Warren, executive vice president and general manager, Misys Banking.
“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,” adds Shirko Abid, CEO, B-Plan.