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United Arab Emirates : INFOSYS solution deployed by UAE bank

May 30, 2014

Al Hilal Bank, six-year-old new generation bank in the United Arab Emirates (UAE), has set up the award-winning Finacle e-banking solution of Indian IT bellwether Infosys to offer Internet banking services to its corporate customers.

The global software major said, "Our Finacle solution will allow the bank to roll out new functionalities and build upon existing products to offer an enhanced banking experience in an intelligent and seamless manner without compromising security .

Established in June 2008 with an authorised capital of Arab Emirati Dirham 4 billion ($1.1 billion), the UAE bank is owned by the Abu Dhabi Investment Council, the investment arm of the government. Infosys vice-president Venkatramana Gosavi said in the statement ,"The software solution empowers users toAexercise real-time control over finances across channels and banking accounts. It will also enable the bank to offer anywhere banking to corporate customers online .

The solution in addition supports some of the key corporate banking activities, counting account services, transfers, bulk payments, and file upload for transactions, beneficiary management, and advanced reporting.

Gosavi highlighted, "The solution reduces service delivery costs through the automation of functions such as online service requests, payments and salary processing. It has enhanced security such as two-factor authentication, transaction signing and one-time passwords .

Another benefit of the solution is the provision of real-time information and alerts covering account details as well as financial news, market updates, exchange rates, and stock quotes.

Al Hilal Bank group chief executive Mohammed Jamil Berro said on the occasion, "Adoption of the best banking technologies is a priority for us, in keeping with our spirit as a progressive Islamic bank.AThe Finacle e-banking platform enables us to provide a customised, multi-channel experience for our corporate customers .

The young bank is Shariah compliant and functions through a network of 22 branches across the UAE with three branches in major cities of Kazakhstan.

Gosavi added, "Corporate banking customers demand real-time, holistic views of their balances across the group so that their liquidity positions can be identified and optimised.A By leveraging our Finacle platform, the bank has improved how it interacts, serves and markets to its corporate customers .

The bank focuses to develop into a leading financial institution in the region and increase the growth of Islamic banking by providing new direction, new technologies and special services.

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Source: TendersInfo (India)

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