UAE’s Rakbank implements Kamakura’s cash management
UAE-based Rakbank has signed to implement Kamakura Corporation’s solutions for its balance sheet management and funds transfer pricing.
Rakbank’s CIO Sanjay Khanna, says: “The selection was based on Kamakura’s professional approach and the expertise its consulting staff demonstrated.”
“What makes Kamakura’s system unique for us are the great features of the balance sheet management, transfer pricing solution’s advanced FTP metrics, including liquidity premiums and discounts, customer optionality, core and non-core balances, locked margins across tenors, and transfer pricing adjustments based on user-defined parameters,” adds Khanna.
Clement Ooi, EVP and Apac MD for Kamakura, says: “[Through the solution,] results of forecasted simulations and transfer pricing can also be used in net income simulation and interest rate stress testing. In addition, the solution helps Rakbank to be fully compliant with regulatory and executive reporting requirements.”
Kamakura’s founder and CEO Donald van Deventer states, “[Rakbank’s] selection of Kamakura after a comprehensive vendor evaluation proves that modular and integrated solutions offer distinct advantages over disparate systems. This project has resulted in a very accurate assessment of margins for the bank’s business units.”
Rakbank, or the National Bank of Ras Al Khaimah, was founded in 1976 and is now a public joint stock company listed on the Abu Dhabi Securities Exchange (ADX). Since 2001, its focus has been personal and business banking.
The bank also provides Sharia-compliant banking solutions via its Islamic Banking unit, Rakislamic.
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