Bank of Jordan (BOJ) is introducing a cutting-edge core banking system, ICBS G5, at its newly established subsidiary in the Kingdom of Saudi Arabia (KSA), with support from its long-standing partner, regional banking technology provider BML Istisharat.
BOJ, a venerable institution in Jordan’s banking landscape since the 1960s, has collaborated with BML Istisharat for over three decades. It was among the earliest adopters of the vendor’s premier core banking system, ICBS, to drive its operations domestically and subsequently in Palestine, Syria, Bahrain, Iraq, and now in Saudi Arabia. The deployment in Saudi Arabia will feature the latest iteration of the system, ICBS G5.
The implementation at the new subsidiary encompasses various aspects, including core functionalities such as deposits, lending, payments, treasury management, trade finance, and branch operations. It also involves seamless integration with both retail and corporate digital channels, connectivity with payment networks like Swift and sarie, cards management, ATM/POS switch, and anti-money laundering (AML) measures.
BML Istisharat anticipates an expanded presence in the KSA market in the near future, driven by promising opportunities on the horizon.
In Lebanon, Corporate Private Investment (CPI), a burgeoning startup focusing on retail, SME, and corporate financing, has also chosen ICBS G5. The selection process, overseen by BML, involved considering various international and regional core banking solutions.
The system is delivered as a Software-as-a-Service (SaaS), with BML assuming responsibility for hosting and administering CPI’s environments, encompassing production and disaster recovery setups comprising Microsoft Windows servers, Oracle as RDBMS, and Jboss Redhat as the application server.
CPI successfully transitioned to ICBS G5 in less than three months, commencing operations with loans and term deposits.
Additionally, MedSecurities Investment, a prominent Lebanese financial services company and an investment arm of Bankmed banking group, has also adopted ICBS G5. BML Istisharat highlights that the decision followed a thorough evaluation of several international and regional solutions, including those already in use within some of the group’s entities.
MedSecurities is currently undergoing a transformation into a fintech entity, with plans to establish its digital channels and collaborate with a network of partners to enhance its service offerings. The company is expanding its portfolio of digital financing, payment, and investment products to cater to evolving client needs.
Source: fintechfutures.com
