IBM and partner Misys have been selected by Muslim Commercial Bank (MCB) to automate the bank's treasury operations.
The project will improve efficiencies and help the bank to comply with new regulations from the State Bank of Pakistan aimed at revamping and integrating financial services by making collection and credit operations much more efficient. IBM will provide implementation services alongside business partner, Misys, to deploy Misys Opics Plus, which will standardize financial mechanisms and minimise complexity.
Mohamad Ramzan, head of Treasury & Foreign Exchange at MCB Bank, said, “IBM’s services and the deployment of Misys Opics Plus will enable us to take new products to the market faster while meeting the central bank's regulatory requirements.”
The new solution will integrate MCB'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.
"Now more than ever, banks require a comprehensive technology to handle the intricate requirements of the global marketplace,” said Michel Daenen, sales director for the Capital Markets Business in Middle East and Africa at Misys. “The flexible architecture of Misys Opics Plus ensures rapid pricing and risk calculations, allowing users to manage the high volume and complex financial instruments more effectively. This, in turn, means banks need fewer systems and less manual processing, enabling them to take new products to market much more quickly and more efficiently.”
