digital transformation

The client is the oldest privately owned bank in the United Arab Emirates. Founded in 1967, it was the first bank in UAE to install ATM cash dispensers, the first to issue debit and credit cards and the first to introduce consumer loans. The bank has 55+ branches and an asset size of USD 43 billion.

CHALLENGE ON HAND

The client bank was looking at Digital Transformation through Oracle Banking Digital Experience and implementation of Oracle’s Universal Banking Solution on version 14.x with Corporate Banking, Trade Finance, Liquidity and Virtual Accounts and Payments Processors.
 
 

PROJECT SCOPE

The scope of project was finalized as per below:
Digital Transformation and Payments Transformation with latest version of OBDX and OBPay to replace Intellect
Upgrade of Trade Finance function from 11.1 version to 14.4 version along with mid office product OBTFPM
Liquidity Management and Virtual Accounts functions for migration to latest version of OBLM and OBVAM, functions otherwise solved using customized Virtual Accounts in version 11.1
 

HIGHLIGHTS

The implementation was successfully completed and the client digitally capacitated in the stipulated timeline.
01
digital transformation
Profinch became the 1st Oracle partner to implement a Tier I bank’s project with a 14.4 version of FCUBS
02
digital transformation
One of the largest deals in the Middle East driven by an Oracle Partner
03
digital transformation
1st bank to implement Oracle Banking Trade Finance Process Management Services (OBTFPM), Oracle Banking Liquidity Management (OBLM) and Oracle Banking Virtual Account Management (OBVAM)

CONCLUSION

It was one of the earliest implementations of 14.4 version of FCUBS. The client was also the foremost bank to implement Oracle Banking Trade Finance Process Management Services (OBTFPM), Oracle Banking Liquidity Management (OBLM) and Oracle Banking Virtual Account Management (OBVAM). It was a significant leap for the bank as it geared up the bank to systematize its processes, boost efficiencies, build accuracy in delivery and strengthen the back-office and deliver improved customer experiences.