IBM (NYSE: IBM) and IBM Business Partner Misys have been selected by MCB Bank Limited, one of the largest private banks in Pakistan, to automate the bank's treasury operations. According to a press release, the project will improve efficiencies and help the bank to comply with new regulations from the State Bank of Pakistan.
IBM will provide implementation services alongside business partner, Misys, to deploy Misys Opics Plus which will standardize financial mechanisms and minimise complexity, helping to sustain MCB Bank's position as one of the leading banks in the region.
The new solution will integrate bank's financial instruments and departments, improving transparency and accountability of financial management and supporting decision making and governance. The bank's clients will get a single point of access to a diverse set of services.
The project is part of bank's efforts to streamline their existing operations in line of the new regulations aiming at revamping and integrating financial services by making collection and credit operations much more efficient. MCB has more than 1,100 branches in Pakistan and growing. In an effort to drive efficiency and enhance operational speed and flexibility, IBM will provide MCB Bank a centralised approach to systems and operations enabling the bank to meet various challenges of complex capital markets and prepare for future growth. IBM will provide implementation, Project Management Office (PMO), testing and training services along with Misys Opics Plus, a leading treasury & capital markets solution.
Misys Opics Plus runs on the .NET service-oriented architecture (SOA) platform that delivers flexible customisation features for business re-engineering along with high levels of scalability. It also allows financial institutions to manage risk more effectively, consolidate systems, reduce costs and get back to the business of serving the evolving needs of their clients.
"Innovation is what has helped MCB become one of the leading banks in the region," said Mohamad Ramzan, Head of Treasury & Foreign Exchange at MCB Bank. "IBM's services and the deployment of Misys Opics Plus will enable us to take new products to the market faster while meeting central bank's regulatory requirements." Once it is completed, the MCB finance system will play an important role in providing faster and higher quality financial services that benefit individual citizens as well as the economy. Through its design it can have an important impact on the growth rate and allocation of resources in the local economy.-PR