Sterci – the Geneva based software provider – says Bank AlBilad in Riyadh has bought its Stelink financial messaging solution.
Bank AlBilad is a new Islamic commercial bank, the Kingdom’s eleventh, created by the merger of eight money exchangers.
The bank received a Saudi government license in November 2004 and will start operations shortly.
The bank will provide its customers with banking products and services that comply with the Sharia principles.
“We have selected Stelink for its capabilities to connect to multiple networks and its local support in the Saudi Arabia,” says Azzam Abaalkhail CEO of Bank AlBilad. “Additionally, Sterci has facilitated to us the administrative process to join SWIFT as a new member”.
Stelink will be integrated with the Temenos core banking system to process payments over SWIFTNet, SARIE (Saudi Arabian Local EFT) and Telex networks.
Etienne Savatier, director marketing and international sales at Sterci says “this new project reinforces our leadership position in financial messaging solutions in the Middle-East.”
Sterci has decided to further develop its presence in the region with its participation in the SWIFT Regional Conference for the Middle-East in Dubai that will take place March 1-3 2005, and through local partnerships.