8 February, 2016 Written by Banking Tech
Trade Bank of Iraq (TBI) is working with core banking technology provider Misys to upgrade to develop a digital platform.
Misys reports it has previously run two major projects with TBI in 2003 and 2009. The bank, claims to have introduced the market’s first ATM solutions and Visa and Mastercard offerings and is set to upgrade its existing core banking infrastructure through the implementation of the latest version of Misys FusionBanking Equation. In addition, products such as FusionBanking Essence Teller will be used to tray and deliver a more efficient branch network and customer experience.
The project was signed off at Trade Bank of Iraq’s premises in Baghdad on 14 October. Once the implementation is complete TBI will then embark on the second phase to add new products and services for its clients, in order to offer a complete end-to-end modern banking solution. This is intended to enable the bank to offer digital online and mobile banking applications, which are expected to generate new sources of revenue and increase customer loyalty.
“We understand the importance of implementing advanced solutions in order for us to better serve our customers,” said Hamdiyah Mahmood Faraj Al-Jaff, chairman TBI. “Research has shown that with the aggressive entry of foreign banks into Iraq, a large portion of market share will be lost unless we make the effort to modernise at a rapid scale.”