BML Istisharat gains new core banking system clients in Saudi Arabia and Lebanon
Bank of Jordan (BOJ) is implementing a new core banking system, ICBS G5, at its new subsidiary in the Kingdom of Saudi Arabia (KSA). The system is provided by the bank’s long-standing partner, regional banking technology provider BML Istisharat.
BML Istisharat gains new core banking system clients in Lebanon and KSA
BOJ, one of the oldest banks in Jordan having launched in the 1960s, has been working with BML Istisharat for three decades. It was an early adopter of the vendor’s flagship core banking system, ICBS, to power its operations at home and subsequently in Palestine, Syria, Bahrain, Iraq and now in Saudi Arabia. The latter will see the implementation of the latest version of the system, ICBS G5.
The roll-out at the new subsidiary covers the core, deposits, lending and financing, payments and remittances, treasury, trade finance, branch operations, integration with retail and corporate digital channels, payment networks such as Swift and sarie (the country’s instant payment system), cards management, ATM/POS switch and anti-money laundering (AML).
BML also expects its presence in the KSA to grow “in the coming months due to several promising opportunities”.
Core banking system projects in Lebanon
Elsewhere, Corporate Private Investment (CPI), a start-up in Lebanon that focuses on retail, SME and corporate financing, has also opted for ICBS G5. According to BML, the selection process included various international and regional core banking solutions.
The system is delivered on a Software-as-a-Service (SaaS) basis, with BML hosting and administrating CPI environments (production and disaster recovery) consisting of Microsoft Windows servers, Oracle as RDBMS and Jboss Redhat as application server.
The vendor says CPI went live in less than three months, starting with loans and term deposits.
Another Lebanese financial services company, MedSecurities Investment (an investment arm of banking group Bankmed), has also implemented ICBS G5. The vendor says the decision was made following a “thorough evaluation of several international and regional solutions including those already in production at some of the group’s entities”.
BML says MedSecurities is in the process of “being transformed into a fintech” with its own digital channels and a network of partners to service its clients. The company is also expanding its range of digital financing, payment and investment products.
